The Swiss National Bank abandoned the three-year minimum exchange rate of 1.20 francs to the euro, reports the Patria News Agency.
In chaotic minutes after the announcement, stock exchanges recorded an increase in the currency's value, and it is currently "holding" at around 1.05 francs to the euro.
The franc also rose against the dollar and is currently at 0.88 francs against one US dollar.
The change in the franc's value will affect loans tied to the Swiss currency.
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