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SNB: EUR/CHF peg is crucial

Swiss National Bank President Thomas Jordan said on Oct. 12 the central bank’s currency peg on EUR/CHF remained essential to protect the economy.

“The minimum exchange rate is very important,” Jordan said on the joint annual meetings of the International Monetary Fund and the World Bank. "The EUR/CHF exchange rate is only a little above the minimum level, we still have a very strong currency. The Swiss franc is highly valued, it should in a way depreciate over time".

According to the most recent Bloomberg News survey, the SNB will remove the ceiling in Q4 of 2014 at the earliest.

 

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