The euro lost nearly 20 percent of its value against the Swiss franc on Thursday after the central bank abandoned the cap on the franc's value against the single currency.
In a statement on Thursday (15 January) the Swiss National Bank (SNB) said that the minimum exchange rate of CHF 1.20 per euro, introduced in September 2011, was no longer justified and that “divergences between the monetary policies of the major currency areas have increased significantly”.
The value of the Sw...
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Already a member? Login hereBenjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.
Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.