Swiss National Bank: Days before, senior bank officials said the policy, in place since September 2011 and designed to keep the franc down and thus protect Switzerland exports, would stay. , according to BBC. The Swiss decision pushed the euro off a cliff, the franc soared over 20%, and markets around the world went into panic mode. Only a week ago the Swiss National Bank had telegraphed its understanding that something was afoot in euroland when it announced it would abandon its policy of pegging the Swiss franc to the euro, a move which took markets, other central banks, and even Switzerland own government by surprise. So the quiet little press release slipped out last Thursday morning caused shock.
(news.financializer.com). As
reported in the news.
Tagged under , bank officials topics.