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	Forums ›› Main ›› Wall St. News ›› SNB sets franc floor at CHF1.20 versus euro.

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athlonmank8

Registered: May 2007
Posts: 3021

09-06-11 10:08 AM

Quote from gmst:

Swiss National Bank Sets Minimum Exchange Rate of 1.20 Against the Euro

From bloomberg.com

The Swiss central bank said it’s setting a minimum franc exchange rate of 1.20 against the euro and will defend the target with the “utmost determination” if needed. The Swiss National Bank is “aiming for a substantial and sustained weakening of the franc,” the Zurich-based bank said in an e-mailed statement today. “With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs. The SNB will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities.”

LOL...some serious nut-jobs over there

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DT-waw

Registered: Apr 2001
Posts: 2185

09-06-11 10:12 AM

buying euros in unlimited amounts when euro is sliding into a total chaos and debt which cannot be escaped.
hmm... seems like a great deal for SNB!

swiss citizens will pay for it ultimately, and its a huge gift to few speculators who will finally manage to bring the EURCHF to parity sooner or later

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ASusilovic

Registered: May 2007
Posts: 9768

09-06-11 10:13 AM

Quote from moarla:

as waht i remember, every intervention from central banks have failled in history....
we will see

Be lucky that they did not implement negative interest rates!!!!!!

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ASusilovic

Registered: May 2007
Posts: 9768

09-06-11 10:25 AM

Quote from DT-waw:

buying euros in unlimited amounts when euro is sliding into a total chaos and debt which cannot be escaped.
hmm... seems like a great deal for SNB!

swiss citizens will pay for it ultimately, and its a huge gift to few speculators who will finally manage to bring the EURCHF to parity sooner or later

Once again: study history. There was a time when SNB actually implemented negative interest rates.

Might be worth pointing out that the SNB has imposed negative interest rates before – in 1972 it did this on deposits held by. The charge was up to 10% per quarter. It also did it again between 1977 and 1979.

More here:

http://ftalphaville.ft.com/blog/201...-taux-dinteret/

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athlonmank8

Registered: May 2007
Posts: 3021

09-06-11 10:25 AM

Quote from ASusilovic:

Be lucky that they did not implement negative interest rates!!!!!!

shhhhhh they're listening

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DT-waw

Registered: Apr 2001
Posts: 2185

09-06-11 10:27 AM

http://www.zerohedge.com/news/bring...m-and-civil-war

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