-
SNB Ready to Defend Franc Cap With All Measures, President Hildebrand Says
Swiss central bank President Philipp Hildebrand said policy makers are ready to use “all measures” to protect their franc cap. “The ceiling is there and it will be defended,” Hildebrand said at an event in Geneva late yesterday. He declined to give details or comment on the extent of the central bank’s currency purchases to maintain the cap, calling the measure “totally credible.” The Swiss National Bank on Sept. 6 imposed a franc ceiling of 1.20 versus the euro and resumed purchases of foreign currencies to protect exports such as Swatch Group AG (UHR) watches and ward off the risk of recession. Vice ... (full story)