Swiss franc’s free flight

The Swiss National Bank announced the discontinuation of minimum exchange rate of CHF to Euro, which until today used to be fixed at 1:1,2.

The message says that this measure was extraordinary and implemented due to the economic challenges. Although, there are no real threats for Swiss economy for now, and thus this special measure may be cancelled.

The SNB declared as well the lowering of the interest rate for balances held on termless deposit accounts to –0.75% from 22 January.

Source:

http://www.snb.ch/en/mmr/speeches/id/ref_20150115_tjn/source/ref_20150115_tjn.en.pdf