Negative rates earned Swiss central bank 1.2 bln Sfr in 2015

March 24, 2016 12:15 PM

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ZURICH, March 24 The Swiss National Bank (SNB) earned 1.2 billion Swiss francs($1.23 billion) last year in charges on cash parked with it by commercial banks, it said in its annual report published on Thursday.

Since January 2015 the central bank has levied an interest rate of -0.75 percent on deposits above a certain limit, part of the SNB's efforts to discourage banks from holding Swiss francs and thus weaken a currency it describes as significantly overvalued.

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