March 20, 2012 / 10:54 AM / in 6 years

IMF won't say when SNB should abandon franc cap

BERNE (Reuters) - The International Monetary Fund declined to say exactly when the Swiss National Bank should abandon its cap of 1.20 per euro and allow the franc to float freely, according to one of its representatives, who also said the timing would be “tricky.”

In its annual evaluation of the Swiss economy, the IMF said the SNB, which capped the franc at 1.20 per euro on September 6, should allow the currency to resume a free float once growth picked up and inflation normalized.

“The precise timing is tricky,” Enrica Detragiache, IMF mission chief, told a news conference. When pressed, she declined to spell out the specific conditions for an exit.

Reporting by Catherine Bosley

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