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Monday, the Swiss National Bank said it will continue to act decisively to prevent any excessive appreciation of the Swiss franc against the euro.
In its quarterly bulletin, the central bank said the Swiss economy is on the road to recovery and is developing as expected. However, the upturn remains fragile and there is still considerable insecurity with regard to future developments. Hence, the SNB decided to leave its monetary policy unchanged until further notice. Therefore, the central bank held its target range for the three-month Libor at 0%-0.75% on December 10.
The central bank said a correction in the monetary policy at this stage would be premature, since there are still downside risks attached to the inflation outlook. On December 10, the central bank decided to discontinue its purchases of Swiss franc bonds issued by private sector borrowers.
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