The Local Switzerland

Swiss National Bank hit by new spray paint attack

Fri, 27 Apr 2018 15:00:46 +0200

A woman activist spray painted a message on a billboard outside Switzerland’s central bank on Friday in an echo of a similar protest last year in which an 86-year-old woman was arrested.

Time is running out for exchange of old Swiss banknotes

Tue, 04 Apr 2017 11:43:43 +0200

As the Swiss National Bank (SNB) continues to release its new series of banknotes, time is being called on a series from 1976, which will lose its value in 2020.

SNB moves to stabilize franc after Brexit vote

Fri, 24 Jun 2016 11:52:32 +0200

The Swiss National Bank (SNB) says it has "intervened" in the foreign exchange market to stabilize the franc, considered a safe haven currency, following the Brexit vote.

Markets panic as Swiss scrap euro rate cap

Thu, 15 Jan 2015 17:57:00 +0100

Switzerland's central bank on Thursday scrapped a three-year bid to hold down the value of its currency against the euro, in a shock announcement that set off panic in the markets.

Swiss central bank maintains ultra-low rates

Thu, 19 Sep 2013 13:30:00 +0200

The Swiss National Bank on Thursday kept its key interest rate unchanged, sticking to its monetary policy as it raised its economic growth forecast for 2013.

Swiss probe launched against former SNB chair

Thu, 22 Aug 2013 23:15:00 +0200

The federal prosecutor’s office has launched a criminal investigation into Philipp Hildebrand, the former chairman of the Swiss National Bank who resigned in January 2012, a Swiss magazine says.

UBS to repay Swiss government bailout loan

Tue, 30 Jul 2013 12:04:00 +0200

Leading Swiss bank UBS has announced plans to repay a loan and buy back a fund set up by Switzerland's central bank as part of its 2008 bailout.

SNB records higher profit than expected

Thu, 07 Mar 2013 11:22:00 +0100

The Swiss National Bank (SNB) has reported a profit of 6.9 billion francs in 2012 – one billion more than estimated in January.

Swiss central bank buys eurozone debt: S&P

Tue, 25 Sep 2012 16:47:23 +0200

The Swiss central bank (SNB) is shoring up the eurozone's government bond market and holding down the interest rates which five key countries pay to borrow, ratings agency Standard & Poor's estimated on Tuesday.

Swiss central bank cuts growth outlook

Thu, 13 Sep 2012 13:36:00 +0200

The Swiss National Bank on Thursday kept its low key rate unchanged and said the current global economic climate was forcing it to cut its 2012 economic growth outlook.

Euro drops below 1.20 Swiss franc floor

Thu, 05 Apr 2012 19:27:00 +0200

The euro on Thursday dipped briefly below the 1.20 Swiss franc floor imposed by Switzerland's central bank to curb the soaring local currency.

Swiss central bank stays firm on currency cap

Tue, 07 Feb 2012 16:50:00 +0100

Switzerland's central bank said Tuesday it would fight any appreciation of the already strong Swiss franc, which has in recent days edged closer to the bank's cap of 1.20 francs per euro.

Swiss central banker sees franc weakening

Wed, 25 Jan 2012 11:23:00 +0100

The Swiss National Bank, which set an exchange rate floor against the euro of 1.20 francs to curb its spike in value, expects the franc to decline in the future, a board member said on Tuesday.

Swiss president wants 'clean' finances

Thu, 12 Jan 2012 15:03:00 +0100

Swiss President Eveline Widmer-Schlumpf said Thursday she wanted to restore credibility to the country's financial system after a scandal involving the central bank head rocked the country.

Ex Swiss bank chief 'to get 12 months pay'

Thu, 12 Jan 2012 13:23:00 +0100

Former Swiss central bank chief Philipp Hildebrand will receive a full 12 months salary after quitting in a scandal over foreign exchange trades by his wife, media reported on Thursday.

Hildebrand's wife says sorry to Swiss people

Thu, 12 Jan 2012 12:38:18 +0100

Kashya Hildebrand, the wife of Switzerland's former central back chief, has apologised to her husband and the Swiss people for the massive currency transaction that led to her husband's resignation amid accusations of insider trading.

Hildebrand was pushed: report

Tue, 10 Jan 2012 11:47:00 +0100

The resignation of Swiss central bank chief Philipp Hildebrand came at the urging of the eleven-member Bank Council, newspaper Blick reports.

Hildebrand resignation 'inevitable': Swiss press

Tue, 10 Jan 2012 12:33:38 +0100

Swiss newspapers say the president of the Swiss National Bank (SNB) had no choice but to resign in light of his inability to prove his good faith after becoming embroiled in a currency scandal.

Swiss central bank head resigns after scandal

Mon, 09 Jan 2012 15:41:00 +0100

The embattled head of the Swiss central bank, Philipp Hildebrand, announced his resignation on Monday with immediate effect after being caught up in a scandal over foreign exchange trades by his wife.

Central bank vows to defend euro-franc floor

Mon, 09 Jan 2012 17:20:00 +0100

The Swiss National Bank (SNB) said on Monday it will continue to defend "with the utmost determination" the exchange rate floor of 1.20 francs a euro following the surprise resignation of the central bank's chairman.