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”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.