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SNB's Zurbruegg says cap on Swiss franc still important tool

ZURICH, Feb 21 (Reuters) - The Swiss National Bank's cap on the Swiss franc remains an appropriate and important monetary policy tool, board member Fritz Zurbruegg told a newspaper on Friday.

"(The cap) was an emergency measure. And it remains appropriate and important," Zurbruegg said in an interview that was published on the website of Swiss newspaper Le Temps.

"Even at 1.22 or at 1.23 (per euro), the franc remains overvalued," he said.

The SNB capped the franc at 1.20 per euro more than two years ago to stave off recession and deflation after investors seeking a safe-haven from turmoil in the euro zone pushed the unit close to parity.