05-OCT-2013 The Swiss Franc With over 6.4 percent of daily currency transactions, the Swiss franc takes the sixth spot. Until the mid-19th century, cantons (states or provinces) and other entities were producing their own currency. After the first Federal Constitution went into effect in 1848, the Federal Coinage Act was passed in 1850. Between 1876 and 1901, three agreements were passed to ensure and facilitate the reciprocal conversion of banknotes without any charges. While several attempts were made to establish a central bank, either the motion didn’t pass in the parliament or, if it did, it was rejected by voters. Finally, the Swiss National Bank was established after the introduction of the Federal Act on the Swiss National Bank in 1905. In 1910, the Swiss National Bank received its monopoly position in issuing money.
Posted on: Sat, 05 Oct 2013 08:52:29 +0000
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