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19 Sep 2013
SNB minimum exchange rate stays unchanged in September
FXstreet.com (Barcelona) - The Swiss National Bank kept the minimum exchange rate unchanged at CHF 1.20 per euro in September and “stands ready to enforce it with the utmost determination,” as it is stated in the official document released after the decision was made known.
The target range for the three-month Libor rate was also maintained at 0.0–0.25%.
The SNB explained that their unchanged stance “prevents an undesired tightening of monetary conditions were the upward pressure on the Swiss franc to intensify once again.”
The central bank also slightly hiked its inflation forecast for 2013 to -0.2% and for 2014 to 0.3%. Outlook for growth in 2013 was also raised to 1.5%-2.0%, due to a surprisingly positive second quarter.
The target range for the three-month Libor rate was also maintained at 0.0–0.25%.
The SNB explained that their unchanged stance “prevents an undesired tightening of monetary conditions were the upward pressure on the Swiss franc to intensify once again.”
The central bank also slightly hiked its inflation forecast for 2013 to -0.2% and for 2014 to 0.3%. Outlook for growth in 2013 was also raised to 1.5%-2.0%, due to a surprisingly positive second quarter.