September 2, 2013 / 6:42 AM / in 5 years

SNB's Jordan says will keep franc cap for as long as necessary

ZURICH, Sept 2 (Reuters) - The Swiss National Bank’s cap on the franc is still needed as a sudden appreciation of the currency cannot be ruled out in the current environment, the central bank’s chairman said on Monday.

“The minimum exchange rate will be kept in place for as long as necessary for monetary policy,” Chairman Thomas Jordan said in an interview with the Bieler Tagblatt.

The Swiss central bank imposed a lid on the safe-haven currency two years ago to ward off deflation and a recession, after investors fleeing the euro zone crisis bid the unit up to record levels.

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