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SNB spent 25.8b francs to defend currency cap before abandoning it
Central bank abandoned policy as it was too costly for country's economy, it says in annual report
Add BT as a preferred sourcePublished Thu, Mar 26, 2015 · 09:50 PM
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Zurich
THE Swiss National Bank (SNB) spent 25.8 billion Swiss francs (S$37 billion) defending its cap on the currency late last year before jettisoning the policy as too costly for the country's economy, it said on Thursday.
The SNB shocked markets in January when it removed the 1.20 per euro ceiling on the Swiss franc, sending the currency soaring, stocks plunging and sparking fears for Switzerland's export reliant economy.
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