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MercoPress, en Español

Montevideo, November 5th 2024 - 05:42 UTC

Tag: Swiss franc

  • 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.