The Swiss National Bank (SNB) today reiterated its dedication to maintaining the minimum exchange rate of CHF 1.20 per euro. The central bank emphasized that the Swiss franc remains significantly overvalued, necessitating the continuation of this policy.

According to the SNB, the enforcement of the minimum exchange rate is crucial for ensuring price stability and supporting the Swiss economy. They stated that without this measure, the economic outlook for Switzerland would be considerably bleaker.

The SNB explicitly stated its readiness to defend the minimum exchange rate with the utmost determination. To achieve this, the bank is prepared to purchase foreign currency in unlimited quantities. This commitment underscores the SNB’s resolve to prevent further appreciation of the Swiss franc.

The central bank continues to monitor the economic situation closely and will take further measures if necessary to safeguard the Swiss economy from the adverse effects of currency overvaluation.