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Swiss franc jumps 30% after the break ties in Euro
BAGHDAD / Obelisk: Swiss central bank said that linking the value of the franc in euro, which was introduced in 2011, is no longer justified.
Swiss franc has risen nearly 30 percent in trading marred by chaos, after the central bank started linking the value of the franc in euro.
The Swiss central bank said that "linking the value of the franc in euro, which was introduced in 2011, is no longer justified."
At the same time the bank cut interest value of -0.25 percent to -0.75 percent, bringing the value of the amounts to be paid to investors to hold deposits in Swiss banks.
Following the announcement of the Central Bank of the Swiss franc rose from 0.8025 euros to 1.20 euros.
Swiss stocks fell by about 6 percent and dropped some markets in Europe, with some investors to buy the assets of what is known as "safe havens" such as gold and German bonds.
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He described the single currency dealers after the decision is expected as a "massacre".
And stabilized the value of the Swiss franc when closing morning trading at 1.05 euros
At the same time, the euro fell against the dollar.
Some believe that the value of the euro will see a further decline if the European Central Bank began what is known as "quantitative Altesier" which is to buy bonds to pay more liquidity in the European banking system to assist in the recovery of the economy.
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