Economics
SNB Will Maintain Franc Defense as Ceiling Kept on Hold: Economy
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The Swiss central bank pledged to uphold its yearlong defense of the franc by purchasing foreign currencies in “unlimited quantities” as it cut its inflation and economic growth forecasts.
The Swiss National Bank, led by President Thomas Jordan, today maintained the currency ceiling at 1.20 francs per euro and reiterated that it will uphold the measure “with the utmost determination.” The Zurich-based central bank also kept its benchmark interest rate at zero, as forecast by all 16 economists in a Bloomberg News survey.