After the publication of the decision placed the value of the franc up Thursday. After a peak of 0.85 francs per euro exchange rate stood at around 11.50 am 1.04 francs, an increase of over 20 percent. The exhibition in Zurich recorded a loss of as much as 5.7 percent.
The SNB strove to keep since the European debt crisis of 2012 to the value of the franc at least 1.20 francs per euro. Thus the bank wanted to prevent the Swiss competitiveness would be undermined by a too strong appreciation of the currency.
The bank pointed Thursday when deciding on the value of the dollar, which in recent months compared both the euro and the franc has risen sharply. A fixed object relative to the euro is therefore no longer justified, according to the SNB. In an attempt to limit the rise of the franc was also firm lowered interest rates in Switzerland.
ING economist Julien Manceaux spoke of a surprising decision. The negative interest rates in the country, making it costs money to maintain deposits in francs, according to him, however, will prevent the franc gets too much appeal as a safe haven for investors. The damage to the Swiss economy may therefore be limited, he said.
The rise of the franc means that holidays in Switzerland are more expensive for foreign tourists. Moreover, Swiss goods less attractive on international markets
Check the rate of the franc against the euro |. Exchange rate policy Switzerland surprising | DSM share in the minus by rising Swiss franc
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