The Swiss National Bank on Thursday decided to leave its minimum exchange rate of CHF 1.20 per euro unchanged as widely expected by economists. The target range for the three-month Libor was maintained at 0.0-0.25 percent.
The SNB said it will continue to enforce the minimum exchange rate with the utmost determination as an appreciation of the Swiss franc would compromise price stability and would have serious consequences for the Swiss economy.
Further, it reiterated that bank is prepared to buy foreign currency in unlimited quantities.
For 2012, the SNB forecasts consumer prices to fall 0.7 percent. The bank expects overall prices to ease 0.1 percent in 2013 and inflation at 0.4 percent in 2014. In the foreseeable future, there is no risk of inflation in Switzerland, it said.
According to SNB, economic growth in Switzerland for 2012 is likely to remain unchanged at around 1 percent. For 2013, the SNB expects growth of 1 percent-1.5 percent.
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