On September 6, the Swiss National Bank set the minimum franc exchange rate against one euro at 1.20, where the bank attempt to control the rapid appreciation of the Swiss franc, which hurt the economy and the country's exports.
The bank explained the readiness and ability to defend the franc exchange rate, where the bank said it will intervene if needed to keep the minimum exchange rate intact.
The bank also aims for a substantial and sustained weakening of the franc as an e-mailed statement showed today. With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs. The SNB will enforce this utmost determination and is prepared to buy foreign currency minimum rate with in unlimited quantities.