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Central bank vows to defend euro-franc floor

Central bank vows to defend euro-franc floor

The Swiss National Bank (SNB) said on Monday it will continue to defend "with the utmost determination" the exchange rate floor of 1.20 francs a euro following the surprise resignation of the central bank's chairman.


“The current monetary policy on the NBS exchange rate of a minimum of 1.20 francs a euro remains unchanged,” the central bank said in a statement, adding it “regretted the decision and the circumstances” that led to Philipp Hildebrand to step down as chairman.


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