After the release of the franc by the Swiss central bank can no euro bills be temporarily pulled in many ATMs in the country. The banks know not what course they should be calculated after the franc was appreciating temporarily by 30 percent.
+++ Switzerland Francs are free + ++
+++ Dramatic euro exchange rate fall +++
+++ +++ Swiss entrepreneur very concerned
+++ FOCUS Online reporter Julian Rohrer reported from Konstanz +++
16.33 Clock: The Swiss Federal Railways (SBB) is preparing for the planned shopping trips many Swiss. According to a report of “20min.ch” sets the SBB on Saturday even special trains to cope with the expected rush
15:36 clock. The People’s Bank in Konstanz noted in their daily business change by the strong Swiss franc. “Quite surprisingly, the SNB has abandoned its course support of the Swiss franc. Many Swiss customers use these additional 20 to 25 percent Course advantage for consumption on the German side or Currency exchange in Euros , “says Roger Winter, Director the People’s Bank in Constance. The exchange volume of CHF in EUR had tripled within hours. The queue to the change machine is longer than average.
retailers, restaurateurs and artisans who make constant up to 30 percent of their revenues with Swiss customers, speak of a “unexpectedly positive special economic” . “Our customers with a job in Switzerland or pensioners who receive a pension in Swiss francs, look forward to a twenty percent increase in salaries and pensions,” says Winter. “Credit customers with CHF loans, however, have a higher loan amount in the same percentage amount. Here the strong Swiss franc is rather negative connotation “
15:28 clock. If the Swiss else get nowhere euro: at least the parking ticket machine a shopping center in Konstanz changes francs in EUR to. The only question is: at what price
Franconia course prepares borrowers in Eastern Europe massive problems
14:57 clock?: The Franks release shocked hundreds of thousands of borrowers in some countries of Eastern and South-Eastern Europe . The reason is the rapid increase in the price of the rate for mortgage loans , which are coupled to the Swiss currency, such as local newspapers reported on Friday. The rate of the Swiss franc was shot rapidly into the air on Thursday. In order for the repayment rates were climbed overnight by up to 20 percent in the air, it was said in the reports. The Croatian Finance Minister Boris Lalovac arrived in Zagreb Croatian newspaper “Jutarnji” According to bank representatives together to discuss measures for the beleaguered citizens. The largest Serbian newspaper “Blic” reported on the problem.
The Austrian National Bank had already warned the day before the impact on loans which had been absorbed by compatriots in Franconia. The SNB move was “highly relevant” for loans in Swiss francs, explained the OeNB. They have warned of the risks of foreign currency loans for years. The raising of loans in Swiss francs was rewarding because the interest rate was lower than in other currency areas.
In Eastern Europe, firms and households took out loans in Swiss francs. According to expert estimates, so could have been taken in Poland in Franconia nearly 40 percent of all mortgage loans. In Hungary, the government had established in November, the exchange rate for euro and Swiss franc loans in order to reduce the risks of currency fluctuations.
Zurich Cantonal go slowly from the euro
13:27 clock: Like the Swiss news portal “view” reported the Zurich Cantonal Bank (ZKB) go slow the euro area. “Due to the high demand, it could be that soon some stores have no more euro,” quoted view ZKB spokeswoman Evelyne Brönnimann “We now simply need nor the resources to”
12..: 10 clock. In the late forenoon Constance filled increasingly with people running with fully loaded shopping bags through the city from overfilling can not talk at length, however, the assessment of FOCUS Online reporter Julian Rohrer
Still, the Confederates rave about the strong franc and even take Trips out of Central Switzerland to come from Thurgau and St. Gallen Shop by Constance
Swiss. economy keeps exchange rate shock resistance
11:34 clock: The surprising abolition of the minimum euro exchange rate by the Swiss central bank affects the rating agency Standard & amp’s view; Poor’s does not adversely affect the creditworthiness of Switzerland . The appreciation of the franc could weaken the exports for two to three years and dampen economic growth . “Nevertheless, we think the strength of the Swiss economy and sound public finances this exchange rate shock withstand,” said S & P on Friday
S & P downgrades the long-term liabilities of Switzerland with the top rating “. AAA “a
.” Extra Recovery Plan “: German economy cheered strong franc
10:57 clock: The German economy sees itself as beneficiaries of the massive appreciation of the Swiss franc. “This is an extra stimulus program – such as for the German tourism industry in the current winter season , but also for the carmakers and other industries ,” said the chief economist of the German Chamber of Industry and Chamber of Commerce (DIHK), Alexander Schumann, on Friday told Reuters. “The Swiss like German cars. The are now cheaper for them.”
The situation is different from when holidaying in Switzerland. “Many winter holidaymakers will resort to Germany or Austria,” says Schumann. Conversely, Swiss companies purchase many products from the euro-zone cheaper. “Switzerland is the industry strong,” Schumann said. “They need industrial equipment, and Germany has in abundance.”
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10:40 clock: From the border crossing Switzerland Germany is only about 150 feet Road and a right turn to the willed customer comes first Norma in Konstanz. Outside the front door depends on the current exchange rate, because here customers can also pay with francs. The store manager explained Focus Online, the exchange rate is controlled by the control panel. Although no price tags unhook in Franconia, should be easy to convert Swiss client, as the euro and the Swiss franc are currently about one changeable to one.
The store manager explained that the big rush of Swiss or even hoarding on Friday morning are still left out. But she says that could change quickly now. Bought more goods to prepare for it, but it has not
10:27 clock. on the large parking lot behind the border with Germany lined up many cars with Swiss license plates from the canton of Thurgau. A Swiss woman who just unloads the stroller out of her car, told FOCUS Online reporter Julian Rohrer, that they had not come to shop. But they expected the great Rush Shopping on Saturday . “Many friends and colleagues want to Constance to Lake Shopping Center come.”
The Swiss Pris Gomringer also parked behind the border. On the one hand worried because of the strong Swiss franc, “which is a great misfortune for the Swiss economy ,” she says. But Gomringer benefits as many Swiss private from the appreciation – the dentist . Once a year she travels with her friend to the dentist to Constance. “The dentists in Switzerland are almost twice as expensive. The strong franc is the absolute jackpot for us “
” Can no longer accept euros in cash “
10:28 clock. Markets chain Migros do not take on more Euro. The reported the Swiss Portal “look”. The website shows a sign of a market in Kreuzlingen. Then the inscription: “TODAY we must now accept euros in cash anymore.” The so-called K-kiosks refuse immediate € in cash. Company spokeswoman confirmed Stefania Misteli on Blick.de that they had “currently experiencing technical difficulties to adapt the systems to the market conditions.” Therefore, no more would euros in Switzerland at the kiosks temporarily accepted. It is a “temporary measure”. It is not yet clear when payments in euro again possible sind.So is the euro against the Swiss franc
No increased metabolic activity
10:09 clock: The run on the Swiss German banks remained far from, at least if you believe the employees of the BB Bank and HypoVereinsbank in Konstanz. They recognize no increased exchange activities on the Swiss franc against the euro. But, one of the bank employees, which could even now quite yet to come. The reported FOCUS Online reporter Julian Rohrer from Konstanz.
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