Swiss keep franc cap

City A.M. Reporter
THE Swiss National Bank said yesterday it was too early to change its policy on the strong franc despite signs of an easing of Europe’s debt crisis that drove it to impose a cap of 1.20 per euro on the safe-haven currency.

The bank said it was sticking with the 1.20 cap while its forecasts suggested the economy was still weakening.

President Thomas Jordan said it was too early for it to relax its stance on the currency.
"We’re still continuing to focus on enforcing the minimum exchange rate,” he said.