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May 12, 2021
BUSINESS

Swiss National Bank intensifies measures against strong Swiss franc

The measures taken thus far by the Swiss National Bank (SNB) against the strength of the Swiss franc are having an impact. Nevertheless, the Swiss franc remains massively overvalued. The SNB has therefore decided to expand again significantly the supply of liquidity to the Swiss franc money market, as a press release informs. In so doing, it is increasing the downward pressure on money market interest rates with a view to further weakening the Swiss franc exchange rate. With immediate effect, it aims to expand banks’ sight deposits at the SNB further, from CHF 120 billion to CHF 200 billion. The Swiss franc strengthened against other major currencies during European trading Wednesday after SNB decision, Wall Street Journal informs. That saw the franc jump 2.5 pc against the euro and just over 2 pc against the dollar in early European trading. Meanwhile, the reference rate announced for Swiss franc by National Bank of Romania (BNR) continued to decline significantly Wednesday, for the third consecutive session, with 4.77 bani at RON 3.7516 / CHF. Also, the national currency appreciated in early interbank session yesterday, following the stocks’ return on positive and the currencies in the region. Central bank announced a reference rate of  RON 4.2609/ euro.

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