The Swiss central bank said it’s setting a minimum franc exchange rate of 1.20 against the euro and will defend the target with the “utmost determination” if needed. The Swiss National Bank is “aiming for a substantial and sustained weakening of the franc,” the Zurich-based bank said in an e-mailed statement 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 minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities.” To contact the reporter on this story: Simone Meier in Zurich at smeier@bloomberg.net To contact the editor responsible for this story: Simone Meier at smeier@bloomberg.net

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