Putin offers condolences to UK over terror attack in ManchesterRussian Politics & Diplomacy May 23, 10:10
Islamic State claims responsibility for Manchester terror attackWorld May 23, 9:30
Police say death toll in Manchester Arena explosion reaches 22World May 23, 9:18
Hollywood actor Steven Seagal to get free land in Russia's Far EastSociety & Culture May 23, 9:06
Ariana Grande tweets she is 'broken' over blast following her concert at Manchester ArenaWorld May 23, 8:03
British PM to chair meeting of emergency response committee after Manchester blastWorld May 23, 7:53
Anti-corruption fight in Russia is in earnest, says upper house speakerRussian Politics & Diplomacy May 23, 6:24
British prime minister calls Manchester blast 'appalling terrorist attack'World May 23, 5:52
At least 19 people confirmed dead in Manchester Arena blastWorld May 23, 4:40
DAVOS. January 21./TASS/ Switzerland did the right thing by turning away from the currency cap against the euro, said UBS Group AG Chairman Axel Weber on Wednesday at the Davos Economic Forum.
"It was always clear that the cap on the franc would be temporary and that the end to the policy would be unexpected, The Swiss National Bank did the right thing and stopped cap. Currency exchange flexibility is the norm, and they went back to normal life,” Weber said.
Since 2011, the National Bank of Switzerland artificially supported the exchange of the franc to the euro at the level of no higher than 1.2 to 1.
After abandoning the cap on January 15, the Swiss National currency rose by 20% against the euro and 15% against the dollar. On the same day, Swiss SMI stock index lost 8.67% and 5.86% more the following day, January 16. The exchange has not seen this level of activity since 1988.