Bloomberg, Klaus Wille
The Swiss central bank imposed a ceiling on the franc for the first time in more than three decades and pledged to defend the target with the "utmost determination," prompting a record drop in the currency.
The Swiss National Bank is "aiming for a substantial and sustained weakening of the franc," the Zurich-based bank said in an e-mailed statement. "With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs" and "is prepared to buy foreign currency in unlimited quantities". . .View full article
The Swiss central bank imposed a ceiling on the franc for the first time in more than three decades and pledged to defend the target with the "utmost determination," prompting a record drop in the currency.
The Swiss National Bank is "aiming for a substantial and sustained weakening of the franc," the Zurich-based bank said in an e-mailed statement. "With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs" and "is prepared to buy foreign currency in unlimited quantities". . .View full article
