Swiss franc rate improves by 8pc

The Swiss National Bank (SNB) this morning announced that it would take steps to devalue the Swiss Franc, which has increased in cost by over 30% since the collapse of Lehman Brothers in 2008.

In an unprecedented move in recent times, the SNB said it would buy other currencies in “unlimited amounts” to stop the Franc’s appreciation and stave off possible recession. The Swiss Franc immediately fell on foreign exchange markets, improving rates for buying Swiss francs by over 10c (8%) against sterling.

The Swiss Franc has been used as a “safe haven” currency recently for investors moving out of other currencies, so the news has had a knock on effect; the Euro rate against sterling fell by nearly a cent in early trading this morning. Against the US Dollar, sterling has fallen over 2c during the course of the day.

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