The Swiss National Bank (SNB) stunned markets Thursday by scrapping its long-standing cap of 1.20 Swiss francs per euro, sending the franc soaring and stoking fears about the export-reliant Swiss economy. The announcement sent Swiss shares tumbling over 10% and forced holders of bank accounts to rush to exchange money. SNB scraps three-year-old cap on the franc The Swiss central bank introduced a peg of 1.20 Swiss francs per euro back in 2011 in response to investors buying massive amounts of the Swiss franc as a safer foreign exchange alternative to the euro or the dollar. The SNB said in…
Swiss Franc Rockets After Central Bank Removes Cap On Euro
Mani
Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports