Swiss Econ Minister Says Franc Move Not Unexpected But Surprised Him

Having dealt with the Swiss franc’s last currency crisis in 2011, Swiss economy minister, Johann Schneider-Ammann, is no stranger to managing currency induced pressures on the economy. But the shock that hit on January 15th, when the Swiss National Bank removed the peg against the euro, left even the experienced former business leader startled.

“I was surprised!” Schneider-Ammann told CNBC about the moment he was informed of the move. “Though it was clear it was going to happen sooner or later. I immediately said to myself ‘It’s our national bank being independent. A decision has been taken (…). That has strengthened the SNB’s credibility.”
But to Schneider-Ammann, the rise in the franc was by no means unexpected: “The swiss franc is strong, because we are successful, because we have a strong political system, a very sophisticated education system, a focus on science and innovation”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza