SNB commits to controversial exchange rate policy

swiss-national-bank-zurich

The Swiss National Bank (SNB) today (March 15), announced it would continue to enforce the minimum exchange rate of Sfr1.20 to the euro "with utmost determination".

The central bank said it was "prepared to buy foreign currency in unlimited quantities for this purpose". In its recent accountability report for 2011, the SNB revealed that last year it purchased foreign currency to a value of about Sfr17.8 billion ($19.6 billion) to maintain the minimum exchange rate against the euro and "combat th

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