By Lukanyo Mnyanda Dec. 22 (Bloomberg) -- The Swiss franc declined, snapping four days of gains, amid speculation the central bank may resume selling the currency to safeguard the economic recovery. The currency stayed below 1.50 per euro, a level it broke on Dec. 18 for the first time since March, the month the Swiss National Bank began selling the currency. The economy may grow between 0.5 percent and 1 percent in 2010 after shrinking about 1.5 percent this year, the SNB said on Dec. 10. “The SNB is unlikely to allow the economic recovery to be hampered by an excessively strong or rapid recovery of the franc,” analysts led by Ulrich Leuchtmann, head of currency strategy at Commerzbank AG in Frankfurt, wrote in a client note. “Even if the SNB did not defend the 1.50 mark recently, it is likely to intervene very quickly should the franc appreciate heavily.” The franc declined 0.3 percent to 1.4980 per euro as of 1:45 p.m. in Zurich. It reached $1.4850 yesterday, the strongest level since March 12. Switzerland’s currency fell to 1.0489 per dollar from 1.0461 yesterday. The Swiss economy is gaining momentum after the worst recession in more than thirty years prompted the country’s central bank to cut borrowing costs to close to zero and purchase foreign currencies. The nation’s exports, adjusted for seasonal swings and inflation, rose 1.6 percent from October, when they increased 0.9 percent, the Federal Customs Office in Bern said today. The economy emerged from a recession in the third quarter. Growth “will remain relatively low” next year, central bank Chairman Jean-Pierre Roth, who steps down at the end of December, said on Dec. 10. The franc “has remained stable against the euro, which shows that the monetary policy followed since March has been effective,” he said. To contact the reporter on this story: Lukanyo Mnyanda in London at lmnyanda@bloomberg.net

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