SNB Unexpectedly Gives Up Cap on Franc, Lowers Deposit Rate From businessweek Read Full Story at businessweek The Swiss National Bank (SNBN) unexpectedly gave up its minimum exchange rate of 1.20 per euro today, ending a three-year-old policy designed to shield the economy from the euro area’s sovereign debt crisis. In a surprise move, the central bank lowered the interest rate on sight deposit account balances that exceed a given exemption threshold by to minus 0.75 percent from minus 0.25 percent, it said in a statement today. “While the Swiss franc is still high, the overvaluation has decreased as a whole since the introduction of the minimum exchange rate,” the institution said. “The economy was able to take advantage of this phase to ..
Posted on: Thu, 15 Jan 2015 10:07:08 +0000
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