The Bank of Switzerland intervenes to stabilize its currency in full ‘Brexit’

The Bank of Switzerland intervenes to stabilize ITS currency in full ‘Brexit’

The Swiss National Bank (SNB) has quickly intervened Friday in the foreign exchange markets in order to protect its currency, after knowing that the departure of Britain from the European Union (EU) is a fact . Furthermore, the bag Zurich opened the day with a drop of about 6%.

BNS for the referendum in the UK has led to upward pressure on the Swiss franc , so the agency has decided to intervene, as reported by himself in a statement. Since January 2015, the country’s currency fluctuate freely against the euro after more than three years that the Swiss currency maintained a fixed exchange rate with Europe, according to El Confidencial.

“After the vote in the UK to leave the EU, the Swiss franc was pressured upward. The SNB has intervened in the currency market to stabilize the situation and that the franc remains active in that market … “he explained the SNB in ​​the statement.

To prevent the appreciation of the Swiss currency had become a safe haven following the financial crisis, it was established that fixed exchange rate of 1.2 francs per euro . Shortly after the British referendum results were known, the euro fell to 1.10 bar francs for the start of the morning stand at 1.06, the lowest level since August 2015.

 

 

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