The Swiss National Bank (SNB) today (September 13) announced the decision to leave the minimum exchange rate of 1.20 Swiss francs per euro unchanged.
The central bank said the Swiss currency has not depreciated as expected, and the strength of the currency was "weighing heavily" on the economy. However, The SNB remained hopeful of depreciation against the euro, and said forecasts continued to project that the Swiss franc will weaken.
Since the exchange rate floor was introduced in September 2011
- World’s largest SWF bars investment in four companies for guideline breaches
- ECB needed better data in 2008 crisis, says Lautenschläger
- Brazilian government must respect central bank independence – IMF
- Is the pursuit of a common accounting standard for gold a fool’s errand?
- Seychelles must act fast on money-laundering, says central bank