Swiss franc shock: People swarm Geneva's Bureau de Change outlets to capitalise or stem losses

People rush to cash in as Swiss franc soarsIBTimes UK

Swiss nationals are swarming a number of Bureau de Change outlets in the capital in a bid to capitalise or stem losses on volatile currency rates, following the national bank's shock policy reversal.

The SNB revealed on 15 January that it would no longer cap the Swiss franc's value against the euro, since the implementation of the measure in 2011, sending the currency soaring as much as 30% in a chaotic day of trading.

The national bank also forced up the amount investors pay to hold Swiss deposits after it axed its key interest rate from -0.25% to -0.75%.

Advertisement

Prior to the move, the euro went from buying 1.20 Swiss francs to buying just 0.8052.

The euro suffered its biggest daily loss in its history against the Swiss franc on 15 January before rising by 4.5% the following day.

Netizens have taken to Twitter to show queues trailing outside a number of Bureau de Change agencies, winding down main streets in Geneva, as the Swiss look to make a profit on changing francs into euros or other currencies that have experienced a chaotic day of trading.

READ MORE
© Copyright 2017 IBTimes Co., Ltd. All Rights Reserved.