Economy

Ghost Dog

(16,881 posts)

75. Swiss Central Bank Holds Euro Cap

Fri Dec 16, 2011, 12:56 PM

Dec 2011

BERN — The Swiss National Bank held its cap on the franc at 1.20 per euro on Thursday, knocking back speculation it might try to weaken the currency further, although it warned it could act further at any time.

After its quarterly meeting, the bank said Swiss growth would slow sharply next year and prices would fall, as the franc’s almost 30 percent gain since 2008 weighs on exporters and the global economic outlook worsens...

...“Even at the current rate, the Swiss franc is still high and should continue to weaken over time,” the S.N.B. chairman Philipp Hildebrand told a news conference. “The S.N.B. stands ready to take further measures at any time if the economic outlook and the risk of deflation so require.”

The S.N.B. set the cap on the franc on Sep. 6 after the currency rose some 20 percent in just a few months, a move that reflected portfolio investment flows rather than its day-to-day economy and threatened to strangle Swiss companies.

/... http://www.nytimes.com/2011/12/16/business/global/swiss-central-bank-holds-euro-cap.html?src=recg

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STOCK MARKET WATCH, Friday, December 16, 2011 [View all] Hugin Dec 2011 OP

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excellent n/t Po_d Mainiac Dec 2011 #2

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