Swiss central bank draws flak for abandoning franc-euro cap

Zurich

SWITZERLAND'S central bank came under fire at home and abroad on Friday after scrapping its bid to stop the franc from rising, which wreaked havoc on global markets and bankrupted several foreign-exchange traders.

A brokerage firm in Britain and another in New Zealand declared insolvency while at home in Switzerland, exporters warned that they too could be put out of business by the Swiss National Bank's (SNB) sudden decision.

"From an economic standpoint, this move is incomprehensible at the current time," the Swiss Business Federation sai…