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Swiss Franc Soars as Currency Ceiling Discontinued
The Swiss franc has soared against the euro after Switzerland's central bank abandoned a ceiling it put in place a few years ago. Swiss franc loans in Austria make up more than 90 percent of the 25 billion euros in foreign-currency loans. Traders were stunned as the move was completely unexpected.
Swiss franc soars as currency ceiling discontinued / Picture: © SW Umwelttechnik
The move poses a problem for lenders like Bank Austria, Erste Group and Raiffeisen Bank.
Following the decision of the Swiss central bank, lender stocks were under pressure.
Erste Group dropped 2.4 percent to EUR 19.4. The bank was losing up to 7 percent during the day.
During the day Raiffeisen was losing up to 1.8 percent, but eventually, it closed…
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