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SNB's Zurbruegg sees weaker franc if euro zone crisis eases
November 23, 2012 / 8:00 AM / 5 years ago

SNB's Zurbruegg sees weaker franc if euro zone crisis eases

ZURICH, Nov 23 (Reuters) - The Swiss franc will lose in strength against other major currencies when uncertainty linked to the euro zone crisis eases, the Swiss National Bank said on Friday.

“We believe the franc will fall to a more realistic level when euro zone uncertainties diminish,” SNB board member Fritz Zurbruegg said on an interview with Swiss broadcaster RSI.

The SNB capped the red-hot franc at 1.20 to the euro more than a year ago to stave off deflation and recession. The franc cap has helped Switzerland’s exporters, who are suffering because the strong franc makes their products more expensive abroad.

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