BASEL, April 18 (Reuters) - The Swiss National Bank still sees the franc as overvalued and fears any rise could hurt the economy, confirming its commitment to defend the 1.20 per euro cap it imposed on the currency, a board member of the central bank said on Thursday.
SNB board member Fritz Zurbruegg made the comments at a conference organised by economic think tank BAKBasel.
The SNB capped the soaring safe-haven franc in September 2011 to help stave off recession and the threat of deflation and was forced to intervene heavily last year as the euro zone crisis flared, swelling its foreign currency reserves.
Zurbruegg largely echoed comments made last month at the SNB's most recent quarterly meeting on the franc, where the central bank cautioned that the euro zone crisis still poses a threat to the Swiss currency.
(Reporting by Emma Thomasson) Keywords: SWISS SNB/ZURBRUEGG
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