Central Banking

Central bank's credibility was vital to introducing minimum rate, says SNB’s Schlegel

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The Swiss National Bank (SNB) will continue not to tolerate an exchange rate below Sfr1.20 to the euro – a policy that is only possible because of the credibility of the central bank, according to Martin Schlegel, head of foreign exchange and gold at the SNB.

Speaking at the FX Invest conference in Zurich this morning, Schlegel stressed the decision to introduce a minimum rate against the euro on September 6 was not taken lightly – and was only decided after various monetary easing measures had

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