jeudi 19 mars 2015
Swiss exports fall after central bank ditches cap and franc surges
Posted on 00:51 by nice news
Swiss exports fell at an annual rate of 3.9 percent in February in real terms, as exports slid after Switzerland's central bank lifted a cap on the value of the franc against the euro, causing the franc to surge.
Exports fell 3.1 percent when adjusted to take into account working days last month, the Federal Customs Office said on Thursday. Sales of drugs and pharmaceutical ingredients, machinery and electronic equipment were hard hit.
The Swiss National Bank convenes later on Thursday for its first scheduled policy meeting since it suddenly removed its limit of 1.20 francs per euro, a measure that had helped protect exporters from a strong franc.
The move sent the currency, seen as a safe haven during times of global economic stress, soaring against the euro and has led economists to predict the Swiss economy will contract this year. (Reporting By Katharina Bart; Editing by Larry King)
Exports fell 3.1 percent when adjusted to take into account working days last month, the Federal Customs Office said on Thursday. Sales of drugs and pharmaceutical ingredients, machinery and electronic equipment were hard hit.
The Swiss National Bank convenes later on Thursday for its first scheduled policy meeting since it suddenly removed its limit of 1.20 francs per euro, a measure that had helped protect exporters from a strong franc.
The move sent the currency, seen as a safe haven during times of global economic stress, soaring against the euro and has led economists to predict the Swiss economy will contract this year. (Reporting By Katharina Bart; Editing by Larry King)
Swiss exports fall after central bank ditches cap and franc surges
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