BERNE: The Swiss National Bank can defend its cap of 1.20 per euro on the safe-haven franc, the Swiss finance minister said on Tuesday, adding that she supported that policy.
"The SNB is in a position to continue, at the moment there are no inflationary tendencies," Eveline Widmer-Schlumpf said at a news conference in the Swiss capital. "Therefore I still think it's the right thing."
The SNB set the cap last September to guard against a recession. Yet in recent months it has had to resort to huge interventions to make the limit stick, and data showed on Tuesday its forex reserves rose further last month.
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