SNB's Jordan says franc cap is right tool for foreseeable future

ZURICH Mon Jan 6, 2014 12:17pm EST

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ZURICH Jan 6 (Reuters) - The Swiss National Bank's cap on the Swiss franc continues to play a central role in monetary policy, and is the correct tool for ensuring appropriate monetary conditions for the foreseeable future, the central bank's chairman said on Monday.

"At the moment, and for the foreseeable future, the minimum exchange rate is the right instrument for ensuring appropriate monetary conditions in Switzerland," SNB Chairman Thomas Jordan told Swiss television, according to a transcript of the interview, due to be broadcast later on Monday evening.

The SNB capped the franc at 1.20 per euro more than two years ago to stave off recession and deflation after investors seeking a safe-haven from turmoil in the euro zone pushed the unit close to parity.

(Reporting by Alice Baghdjian)

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