الإثنين , يونيو 15 2020

Switzerland scraps ban on franc cap

Swiss bank notes

The Swiss franc has soared some 30% in chaotic trade as the central bank abandoned the country’s cap on the currency’s value against the euro.

The Swiss National Bank said the cap, introduced in Sept. 2011, is no longer justified.

At the same time it reduced a key interest rate from -0.25% to -0.75%, increasing the amount investors have to pay to hold Swiss deposits.

The franc was pegged at 1.20 euros and has settled close to 1.05 euros.

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