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Montevideo, September 26th 2023 - 09:09 UTC

Tag: Swiss central bank

  • Friday, January 16th 2015 - 06:15 UTC

    In a surprise move Swiss central bank abandons Euro peg: frank soars 30%

    Watchmaker Swatch saw its share price slump 15%. Swatch chief executive Nick Hayek called the decision “a tsunami” for Switzerland's economy.

    The Swiss franc soared as much as 30% in chaotic trade after the central bank abandoned the cap on the currency's value against the Euro. The Swiss National Bank (SNB) said the cap, introduced in September 2011, was no longer justified. It also cut a key interest rate from -0.25% to -0.75%, raising the amount investors pay to hold Swiss deposits.

  • Tuesday, September 6th 2011 - 20:08 UTC

    Swiss central bank puts a cap to the Franc to combat massive overvaluation

    The Swiss central bank will buy all Euros if the exchange rate drops below 1.20 Euros

    The Swiss central bank announced Tuesday a ceiling on the currency by setting an exchange rate minimum against the Euro. The Swiss National Bank (SNB) boldest move states that the exchange rate between the Swiss franc and the Euro must not drop below 1.20 Euros. And if it does, the Swiss bank is prepared to enforce the minimum by selling francs and buying up euros “in unlimited quantities.”