Swiss central bank News

The Swiss central bank sought on Monday to allay fears among citizens that bank notes could eventually be phased out as a result of global money-laundering rules or the rise of alternative payment systems.

The decision to scrap the limit sent the franc -- a refuge currency -- soaring in value against major currencies and unleashed turbulence on global markets.

This is the second lowest amount of funds held by Indians in the Swiss banks and follows an increase of over 40 percent in the previous year, 2013.

Money held by Indians in Swiss banks has declined by 10.6 percent to Rs 12,615 crore in 2014, as per the latest data released by the Swiss Central Bank.

Exports of goods fell by 2.3 percent as the Swiss franc jumped in value.

The Swiss central bank said Thursday it had posted loss of 30 billion francs in the first quarter due to a jump in the franc`s value which led to huge exchange rate-related losses.

Six weeks after a fateful decision that blasted its currency skywards, Switzerland`s central bank is coming under intense scrutiny, with critics calling for changes to its insular policy practices and century-old ownership structure.

Switzerland`s central bank on Saturday stood by its shock decision to let the franc soar, insisting the subsequent turbulence rocking global markets and the Swiss economy since the move would eventually subside.

The SNB had been defending the exchange rate floor since September 2011.

U.S. gold futures for delivery in February rose 1.4 percent to $1,252.30 an ounce.

The Swiss National Bank (SNB) maintained its target range for the franc`s three-month London interbank offered rate, known as the Libor rate, at between 0.0 and 0.25 percent.