02:04 GMT17 May 2021
Listen Live
    Get short URL

    Having uncoupled its Swiss franc from the Euro, Switzerland's Central Bank has no plans to reintroduce a minimum euro exchange rate, the Swiss Finance Minister said on Friday.

    Switzerland has no plans to reintroduce the minimum euro exchange rate that its central bank abandoned at the beginning of the year, in spite of appeals from the Swiss tourism sector.

    "The National Bank can always contemplate a minimum exchange rate, but I don't think that it is currently the right time for that," outgoing Swiss Finance Minister Eveline Widmer-Schlumpf told the Bündner Tagblatt in an interview.

    "Though it is, and remains the task of the national bank to decide on that," she continued.

    Finance Minister Widmer-Schlumpf: Refusal of a new Euro Minimum Exchange Rate

    ​The Swiss National Bank caused panic on currency markets in January when it ditched its minimum exchange rate with the Euro, which since 2011 had maintained a ceiling on the value of the Swiss franc, a maximum of 1.20 for one Euro.

    Overview of the National Council during the ministerial elections in the Swiss Parliament during the winter session in Bern, Switzerland December 9, 2015
    © REUTERS / Marcel Bieri/Pool
    The move was greeted with complaints from Switzerland's export industry; more than 50 percent of the country's exports go to Eurozone countries.

    The Swiss stock market plunged by more than ten percent immediately after the announcement, and the franc rose by almost 30 percent against the Euro, bankrupting many Forex traders in the process.

    However, despite the initial panic, without the euro cap the franc has proved less strong than feared; on Friday, one Euro could buy 1.08 Swiss francs.


    Swiss Police Arrest 2 FIFA Officials for Taking Millions in Bribes
    Swiss Police Make New Arrests in FIFA Corruption Scandal
    Offenders Face $10,000 Fines as Burka Banned in Swiss Region of Ticino
    euro, franc, Eurozone, EU, Switzerland
    Community standardsDiscussion