Swiss Franc Rockets After Central Bank Removes Cap On Euro

The Swiss National Bank (SNB) stunned markets Thursday by scrapping its long-standing cap of 1.20 Swiss francs per euro, sending the franc soaring and stoking fears about the export-reliant Swiss economy. The announcement sent Swiss shares tumbling over 10% and forced holders of bank accounts to rush to exchange money. SNB scraps three-year-old cap on the franc The Swiss central bank introduced a peg of 1.20 Swiss francs per euro back in 2011 in response to investors buying massive amounts of the Swiss franc as a safer foreign exchange alternative to the euro or the dollar. The SNB said in…