SNB chair shrugs off critique of Swiss exchange rate ceiling
Switzerland's exchange rate is not at odds with the country's long-standing current account surplus, nor is it undermining the adjustment of global financial imbalances, said Thomas Jordan, the chairman of the Swiss National Bank's (SNB) governing board. The SNB set an exchange rate of CHF 1.20 against the euro in September 2011, to combat rapid appreciation brought on by its 'safe-haven' status.
"With interest rates close to zero and inflation forecasts signalling deflationary risks, the
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