“The Swiss central bank pledged to keep defending its franc cap and left borrowing costs at zero to protect the economy from “exceptionally high” risks as the euro area’s crisis intensifies.

The Swiss National Bank (SNBN), led by President Thomas Jordan, today maintained the ceiling at 1.20 francs per euro and reiterated that it will uphold the measure “with the utmost determination.” The Zurich-based central bank also kept its benchmark interest rate on hold, as projected by all 20 economists in a Bloomberg News survey.”

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