Swiss central bank turns to negative interest rate amid ruble crisis

The Swiss National Bank has switched to a negative deposit rate for some deposits, as it seeks to avoid excessive growth of the national currency. The ruble crisis and unrest in global financial markets have fuelled demand for the Swiss franc.

From January 2015 the Swiss National Bank will charge banks 0.25 percent on sight deposits exceeding a given exemption threshold set individually for each account holder, it said Thursday in a statement.

At the moment the Swiss government tries to keep a currency ‘ceiling’ of SFr 1.2 against the euro and not let it go beyond that .... http://rt.com/business