ZURICH Feb 21 The Swiss National Bank's cap on
the Swiss franc remains an appropriate and important monetary
policy tool, board member Fritz Zurbruegg told a newspaper on
"(The cap) was an emergency measure. And it remains
appropriate and important," Zurbruegg said in an interview that
was published on the website of Swiss newspaper Le Temps.
"Even at 1.22 or at 1.23 (per euro), the franc remains
overvalued," he said.
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.