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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.