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Switzerland to fight strong francs

08-18-2011 09:09 BJT Special Report:After S&P Downgrades U.S. Credit Rating |

Switzerland has announced it will spend 2 billion francs, that is two and a half billion US dollars, to fight the strong franc that has increasingly weighed on its economy.

The government says the money will be used to boost sectors hit by the exchange rate, but didn't give specific details. The announcement comes as the value of the Swiss franc, soared 18 percent against the euro, over the last twelve months, sending the cost of goods, to astronomical levels. The high prices have been driving down the country's tourism, curtailing exports and sending thousands of Swiss, across the borders, in search of euro bargains.

 

 

Editor:Zhang Jingya |Source: CNTV.CN

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