Following the Swiss National Bank’s removal of its three-year cap on the franc, Swiss watch prices are expected to significantly increase. The country’s national bank made a decision to remove its minimum exchange rate on January 15, causing currency to soar, reaching 13 per cent against both the dollar and the euro at press time.
According to a company statement from Swatch chairman Nick Hayek, “Today’s SNB action is a tsunami for the export industry and for tourism and finally for the entire country.”
Swatch stock fell 16 per cent following the removal of the minimum exchange rate. CJ
