SNB's Jordan says franc cap "absolutely necessary"

ZURICH Thu Nov 22, 2012 1:04am EST

ZURICH Nov 22 (Reuters) - The Swiss National Bank still sees the 1.20 cap on the Swiss franc against the euro as "absolutely necessary" and won't rule out further measures to protect the Swiss economy, president Thomas Jordan said in a newspaper interview on Thursday.

Asked whether a deteriorating economic situation in Switzerland was a reason for the SNB to readjust the franc cap, Jordan told Swiss newspaper Tages-Anzeiger: "It is above all a reason to keep the minimun exchange rate. The weak global economy and the difficult situation for sectors exposed to international competition clearly show us that it is absolutely necessary to keep the minimum exchange rate."

Jordan also said the SNB will say Swiss economic growth will continue to be weak next year when the central bank issues its 2013 forecast at its next regular rate-setting session on Dec. 13.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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