SNB move on negative rates sends Swiss franc sharply lower

April 22, 2015 1:39 PM

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LONDON, April 22 (Reuters) - The Swiss franc fell 1 percent against the dollar and dropped against the euro on Wednesday after the Swiss National Bank said it was reducing considerably the number of institutions exempt from negative rates on cash deposits held at the central bank.

Analysts said the move increased the chances that the SNB could take interest rates deeper into negative territory, especially if flows into the safe-haven Swiss franc increase due to Greece's debt problems in the euro zone.

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