Switzerland: Swiss franc soars as euro cap abandoned The Swiss franc soared as much as 30% in chaotic trade after the central bank abandoned the cap on the currencys value against the euro. The Swiss National Bank 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. The International Monetary Funds head, Christine Lagarde, called the move a bit of a surprise. (01/15/15)
Posted on: Fri, 16 Jan 2015 07:30:05 +0000
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