Swiss calls on SNB to act on franc
ZURICH: Switzerland's Economy Minister Johann Schneider-Ammann called on the Swiss National Bank (SNB) on Monday to take action over the overvaluation of the Swiss franc.
"The overvaluation of the franc is an acknowledged fact. It is up to the SNB to act," the minister said in a speech published on the website of the economy ministry, adding that speculation that harmed Swiss firms had to stop.
"Our currently healthy economy can and must stay healthy. A Swiss franc-euro exchange rate close to purchasing power parity would be ideal," the minister added.
The SNB is flooding the market with franc liquidity to stem the appreciation of the currency but influential lobby groups in the country have called for stronger measures such as a temporary exchange rate target.
Copyright Reuters, 2011
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