SNB To Curb Swiss Franc Strength

The Swiss central bank has expanded liquidity operations and warned it would take further steps to curb the currency’s strength,Bloombergreports. The franc fell 1.2% to 72.92 centimes against the dollar, after dropping as much 1.7%, following the move.

TheSwiss National Bank(SNB) will also carry out FX swap transactions as it attempts to reduce gains in the Swiss currency caused by investors seeking relief from the European debt crisis. The SNB quadrupled its holdings of foreign currencies in the 15 months through mid-June 2010 in order to curb the franc’s gains.

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