Switzerland imposes negative interest rates to keep franc from rising

Section:

Interest Rate Cut Shocks Swiss Franc Lower

By Jemima Kelly
Reuters
Thursday, December 18, 2014

LONDON -- The Swiss franc hit a 28-month trough against the dollar and fell against the euro on Thursday after the Swiss National Bank said it would introduce negative interest rates to stop further currency appreciation.

In a surprise statement, the SNB said it would impose an interest rate of -0.25 percent on some large deposits held by investors in Swiss francs, as it seeks to discourage buying of the currency as a safe haven.

SNB Chairman Thomas Jordan also confirmed on Thursday that the bank had intervened in foreign exchange markets, in another effort to defend the central bank's three-year-old cap of 1.20 francs per euro. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/12/18/us-markets-forex-idUSKBN0JV041...



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