The Swiss national Bank has removed the upper limit of the franc to the Euro, which was introduced in September 2011 because of the threat to the economy.
Foreign exchange reserves of the Central Bank of Switzerland more than doubled, since in 2011, the regulator has established a minimum rate of 1.20 francs per Euro.
However, to keep the franc at this level has become very expensive. The regulator sold its currency and bought the Euro, sterling, U.S. and canadian dollars and yen, usually in the form of government bonds.
Views:
mick
Switzerland is the only member of the EU with the spherical's to stand up to the EU not long ago they voted against free movement and every thing is fine now they are going against the minimum rate and they will be fine with that, camoron and this shower of shyte don't have the brains or B.A.L.L.S. to do any thing like that good for Switzerland, the Euro is being propped up too an artificial high and our beloved chanceller can not see that
Lickity Split
Surely they could have done it in stages. Allowing the markets time adjust and see where they were heading!
Ben Gabriel
I do not understand this, unless somebody is plotting to destroy euro, why can' t UK undertake same measure to put platform to which pound should be against euro? UK economy is doing no better than euro zone and yet, pounds appreciation against euro is irresponsible and putting UK exports business to jeopardy. I think the UK central bank governor is useless. Pound to euro should not be more than 1.25, today it is already heading to 1.31 for what?
