Saturday, January 7, 2012

Swiss central bank chief to explain dollar deals (AP)

ZURICH ? Switzerland's central bank says its chief will break his silence over a private currency deal that appeared to net his family big profits at a time when he was spearheading efforts to lower the value of the Swiss franc.

In a bid to counter growing pressure, Swiss National Bank President Philipp Hildebrand is scheduled to hold a news conference in Zurich.

Hildebrand's office says the 48-year-old former champion swimmer didn't break the central bank's rules on insider trading.

But some commentators have called for Hildebrand to reveal all or resign over the currency swaps that happened shortly before and after the central bank set the minimum exchange of the euro at 1.20 francs.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20120105/ap_on_bi_ge/eu_switzerland_central_bank

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