Swiss National Bank scraps exchange rate ceiling

Series Title
Series Details 15.01.15
Publication Date 15/01/2015
Content Type

The Swiss National Bank (SNB) lifted on the 15 January 2015 the minimum exchange rate of CHF1.20 per euro, introduced in September 2011. The decision caught markets by surprise and caused the Swiss stock market to plunge, and the value of the Swiss franc to rise against the euro.

In a statement the federal government said they trusted the national bank, but also commented it was 'obvious' that the SNB’s decision 'presented major challenges for the Swiss economy, in particular the export and tourism industries'.

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