The Swiss National Bank (SNB) has welcomed falls in the value of the Swiss franc which have resulted from the swift resolution of the US-led war with Iraq, according to reports.
However, speaking to the national media earlier this week, vice chairman of the central bank's board, Niklaus Blattner revealed that the SNB is still prepared to act should the Swiss currency - viewed as a safe haven by many international investors during the Iraq war - suddenly rise against the euro.
The increases in the value of the Swiss franc were viewed by exporters and international firms which reported in the currency as very damaging.
Mr Blattner was pessimistic with regard to the short-term future for the Swiss economy, admitting on Monday that:
'We cannot rule out that our expectations for this year - of just less than one percent growth - could be disappointed and that the recovery process could slow.'
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