February 27, 2013 / 1:15 PM / in 5 years

CORRECTED-SNB is far from exit of franc cap policy - Jordan

(Corrects date)

ZURICH, Feb 27 (Reuters) - - The Swiss National Bank is far from exiting its policy of capping the strong Swiss franc, Chairman Thomas Jordan said on Wednesday, pointing to new risks from the indecisive outcome of the Italian election.

“Instability or a development in the wrong direction, would not just hurt Italy itself, but also Europe, the financial markets and even the global economy,” Jordan told the Handelszeitung newspaper in an interview.

“We are still far from an exit from the minimum exchange rate policy,” he said, adding that the franc was still overvalued at 1.20 per euro. (Reporting by Emma Thomasson)

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