LEUTWILER WANTS FIRMER MARK AGAINST SFR
  Fritz Leutwiler, chairman of
  BBC AG Brown Boveri und Cie and a former Swiss National Bank
  president, urged the National Bank to declare its intent of
  achieving a rising rate for the mark against the Swiss franc.
      In a speech to shareholders, Leutwiler said, "A gradually
  rising rate for the mark in relation to the franc would be
  desirable from the standpoint of industrial exports and with
  regard to sustaining Swiss industry."
      "Simply an appropriate declaration of intent by our bank of
  issue (Swiss National Bank) could have a positive effect," he
  said.
      Leutwiler, who served 10 years as head of the Swiss central
  bank, said such a step would not contradict the National Bank's
  target of monetary stability.
      "Bringing the franc close to the mark would, of course, have
  to be done step by step under the watchful eye of monetary
  policy," he told shareholders. "Realistically there is in fact no
  persuasive reason why the German currency is quoted almost 20
  pct lower than the Swiss."
      A National Bank spokesman said the relation of the mark and
  Swiss franc was an example of stable currency parities over a
  long period of time.
      The spokesman said exchange rates were made by the market,
  not the central bank, and it would be impossible to influence
  individual parities separately.
      Leutwiler said the Swiss National Bank could not support
  the value of the dollar, even in conjunction with other central
  banks, without putting monetary stability in jeopardy.
      "I would be the last to recommend that. The key to a
  stronger dollar lies in the United States itself," Leutwiler
  said.
  

