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SNB interested in Kuwait's economic policies - Envoy

BERN, Switzerland, May 25 (KUNA) -- The Swiss National Bank (SNB) pays more attention to Kuwait's economic policies, development projects and investments, said Kuwaiti Ambassador to Switzerland.
After his meeting with SNB Governor Thomas Jordan, Ambassador Bader Al-Taneeb told KUNA that the meeting is part of Kuwait's keenness on promoting its relations with Switzerland in financial and economic areas.
The meeting dealt with the disengagement between the exchange rate of euro against the Swiss franc on local economy and the bank's views on developments of monetary and financial policies of the European Central Bank, the ambassador said.
Switzerland is convinced that the free exchange rate of euro against Swiss franc will help the SNB get rid of a burden of commitment that the country has afforded during and after the global economic crisis, he noted.
This commitment has become costly and it does not give the Swiss currency its real value on international financial arena, he made clear.
The Swiss economy has proven its strength amid the crisis and stood firm against its repercussions, he said, adding that the SNB has heavy weights on the global economy.
With 1,040 tonnes of gold, the SNB has the seventh largest gold reserves in the world.
The SNB took an unexpected move last January pertaining to the disengagement of minimum rate of euro against Swiss franc at 1.20. (end) ta.hm