Swiss National Bank Sets Interest Rate Further Into The Red
So much money has poured into Switzerland since 2010, the Swiss National Bank is penalizing anyone trying to put their money in a Swiss "safe haven."By Cliff Judy | January 15, 2015
Switzerland wants to keep money out of the country. That’s how bad the rest of the world’s economies are. The world’s most iconic banking nation is effectively issuing penalties to keep outside money from coming in.
The Swiss National Bank put out this statement Thursday confirming it was discontinuing the current minimum exchange rate from Swiss francs to euros and dropping interest rates to -0.75 percent.
No central bank in the world has ever set an interest rate so low. Since the start of the Eurozone crisis in 2010, many investors have sent money to Switzerland, a spot they hoped would be a safe haven from the more volatile world market.