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
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sterling rises after UK economy beats expectations and exits recession
China’s car exports hit record high in April, as domestic sales fall
UK exits recession with fastest growth in nearly three years
Europe’s rush for rate cuts shifts global market power away from US
China’s push for greener aluminium hit by erratic rains, power cuts
Saudi crown prince to visit Japan