Switzerland's Central Bank (SNB), after England voted "out" in the referendum for leaving EU, declared that it has intervened in foreign exchange market for devaluing Swiss franc.
SNB said in a statement, "after England's decision to leave EU, Switzerland franc came under upside pressure. Swiss Central Bank intervened in the foreign exchange market to subside the situation and will remain active in the market."
Following the unexpected decision of separation, Switzerland franc, which has been seen as a safe haven, reached the highest level compared to euro since August 2015, while it reached the highest daily increase since January 2015, when SNB lifted the daily limit.
Today, euro has slowly risen to 1.0623 from 1.08 franc in transactions in London. Tages Anzeigner newspaper has stated that the devaluation of British pound and euro will have negative effects in export.
