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Swiss govt., bank heads discuss sfr strength-paper
December 26, 2010 / 11:42 AM / 7 years ago

Swiss govt., bank heads discuss sfr strength-paper

* Looking for ways to protect Swiss exporters

* Swiss franc has risen over 15 pct vs euro in 2010

ZURICH, Dec 26 (Reuters) - The Swiss government and heads of the country’s top banks have met to discuss ways of protecting Swiss exports from the strength of the Swiss franc, Swiss newspaper Sonntag reported on Sunday.

The aim of the talks was to encourage the banks to have a currency risk insurance, the paper said without citing any sources.

The Swiss National Bank has warned the country’s exports are likely to be hit further by the strong franc, which has risen over 15 percent against the euro this year, while the SNB’s quarterly monetary policy report showed the franc’s rise weighed on a large number of companies in the fourth quarter.[ID:LDE6BM18K]

Earlier this week, Swatch Group UHR.VX chief Nick Hayek called on Switzerland’s banks to resist the temptation of speculating to reap short-term profits that could end up harming Switzerland.[ID:LDE6671FF]

A survey of the chief executives of 40 Swiss companies by Swiss newspaper SonntagsZeitung showed that 70 percent see the strong Swiss franc as a big risk.

Reporting by Katie Reid; Editing by Ron Askew

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