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SNB Jordan: EUR/CHF peg will remain

The Swiss National Bank's cap on the franc remains appropriate given the currency’s strength and economic risks in the euro area, President Thomas Jordan said.

“We believe the franc is still highly valued and there is no risk of inflation,” said Jordan, speaking in Switzerland. “The minimum exchange rate remains indispensable to ensure price stability in Switzerland.”

The Zurich-based central bank set a cap of 1.20 per euro on the franc in September 2011, citing the risk of deflation and a recession. It has promised unlimited currency interventions to defend the cap and Jordan repeated that commitment today.

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