SNB’s Jordan describes task of maintaining franc exchange limit

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Thomas Jordan, vice-chairman and acting chairman of the governing board of the Swiss National Bank (SNB), today (April 10) explained how some transactions took place last week at a Swiss franc-to-euro rate below the minimum exchange rate set by the central bank.

The SNB took the unusual step of holding a discussion with the media to set out the task of maintaining the exchange limit, and to explain what happened on Thursday when "a few" trades were made at a rate slightly below the 1.20 minimum

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