International News
The Swiss National Bank shocked markets when it withdrew its minimum exchange rate of 1.20 Swiss francs per euro which has been in place for the past 3 years designed to protect the economy for the Eurozone debt crisis. The central bank lowered the interest rate on sight deposit account balances that exceed a given exemption threshold to -0.75% from -0.25%. “
By scrapping the minimum exchange rate The SNB have abandoned a tool policymakers said just days ago was necessary to ward off deflation. This latest move marks an attempt by the SNB to reinforce defenses before the ECB announce government bond purchases [...]
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