IMF report backs 'appropriate' Swiss currency floor

Swiss National Bank headquarters in Bern

The International Monetary Fund (IMF), in its latest Article IV Consultation report on Switzerland, described the currency floor policy being pursued by the Swiss National Bank (SNB) as "appropriate".

The SNB has pledged to buy "unlimited" quantities of foreign currency to maintain the franc at a rate of Sfr1.20 to the euro.

In supporting the policy, the annual IMF staff report said: "The introduction of the floor was appropriate in light of the growth and deflationary risks and limited

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