Swiss central bank intervenes to stabilise franc after Brexit

By: | Published: June 24, 2016 6:27 PM

Switzerland's central bank said today it had "intervened" in the foreign exchange market to stabilise the Swiss franc, considered...

 the United Kingdom's vote to leave the European Union, the Swiss franc came under upward pressure. (Reuters)the United Kingdom’s vote to leave the European Union, the Swiss franc came under upward pressure. (Reuters)

Switzerland’s central bank said today it had “intervened” in the foreign exchange market to stabilise the Swiss franc, considered a safe haven currency, following the so-called Brexit vote.

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“Following the United Kingdom’s vote to leave the European Union, the Swiss franc came under upward pressure,” the banks said in a statement, adding that it had “intervened in the foreign exchange market to stabilise the situation and will remain active in that market.”

As the result of the vote became clear, the Swiss franc strengthened considerably against the European single currency, trading at just 1.06 francs to the euro at 7:00 am (0500 GMT), compared to 1.10 francs to the euro seven hours earlier.

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