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Swiss National Bank intervenes as Brexit sends Swiss Franc soar

Xinhua, June 24, 2016 Adjust font size:

The Swiss National Bank (SNB) indicated Friday that it took action on the foreign exchange market to stabilize the Swiss Franc's rise in value following Britain's decision to withdraw from the European Union(EU).

"Following the United Kingdom's vote to leave the European Union, the Swiss Franc came under upward pressure," SNB said in a statement.

"The Swiss National Bank has intervened in the foreign exchange market to stabilize the situation and will remain active in that market," it added.

Used as a safe haven currency, the Swiss Franc's value shot up after 51.9 percent of the British electorate opted to leave the EU in a historic referendum.

The Swiss Franc was trading at 1.06 CHF to the euro early this morning, latest SNB figures show that Switzerland's national currency has dropped back down to 1.09 CHF to the euro. Enditem