Swiss national bank says franc is too high

The Swiss National Bank say the value of the Swiss franc is too high compared with other currencies and Switzerland is preparing for a possible Brexit.

Vice president of the SNB, Fritz Zurbrügg, told the Neue Luzerner Zeitung they are preparing for possible financial fallout from Britain’s exit from the European Union.

But the franc’s strength is the main headache. Its value has skyrocketed since the removal of the peg with the euro. The franc has since stabilised to CHF1.10 per Euro, but it’s still possible that interest rates could drop even lower.

Despite this they believe the country’s businesses are doing as well, particularly the pharmaceutical industry.

But engineering and metal processing companies are under pressure, and trade and tourism face big problems.

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