The Swiss National Bank Lost 60 Billion Francs In Today’s Currency Chaos

Thursday, January 15, 2015
By Paul Martin

MIKE BIRD
BusinessInsider.com
Jan. 15, 2015

The Swiss National Bank’s policy change today produced one of the largest historical one-day exchange rate moves for any advanced economy. The euro is down about 14.5% against the franc, falling as much as 30% immediately after the news broke.

It’s driven the value of country’s currency reserves down by 60 billion francs (€58.5 billion, or $68.3 billion), according to Steven Englander at Citi.

Switzerland’s monetary base has surged since 2011. That’s just the money held by the SNB, people in Switzerland and commercial banks in the country. Since 2011, the SNB has effectively been creating a lot of Swiss francs and buying euros with them.

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