1 hour. 18 minutes ago Updated: 44 minutes ago
After a brief having increased up to $ 5 per franc, the exchange rate stabilized at 4,13-15 zł, which is nearly 17 percent more than in the morning. Slightly less, because more than 15 percent of the franc strengthened against the euro. It costs 96 cents. Least to the dollar – by almost 14 percent. 1 franc is a dollar and 11 cents.
The appreciation of the franc has led to declines in shares of Swiss companies. Zurich Stock Exchange Index lost more than 12 percent in the morning, in the afternoon already less – 8 percent.
An increase in the franc against the euro is an unpleasant surprise for Swiss companies exporting their products. They may become uncompetitive.
In addition to the declines in the stock market Swiss franc roads may also adversely affect the tourism sector. Prices winter sports centers for customers from the euro zone may rise dramatically. This could lead to an outflow of tourists now – at the top of the ski season.
The minimum exchange rate of the franc Switzerland introduced in September 2011. Central Bank is justified that the high value of the currency is a threat to the economy. The exchange rate was set at 1.20 franc. Switzerland intervened when this threshold was threatened. Since that time, the bank’s foreign exchange reserves increased from 200 billion francs to 500 billion francs – the equivalent of 70 percent of GDP.
The Swiss National Bank cut interest rates to a level of minus 0.75 percent. This means that banks are willing to deposit their funds with the central bank will pay him for it.
The Polish National Bank ensures that the appreciation of the Swiss franc does not threaten the Polish financial system. The banking sector is stable and resilient to external shocks – emphasizes the NBP. The Central Bank notes that the weakening of the zloty against the Swiss currency is not due to the economic situation of Polish, and the activities of the central bank of Switzerland. Strengthening of the franc is seen against all major currencies – NBP notes in a statement.
Strong appreciation of the currency once again calls Helvetii discussion among politicians, who want to support borrowers administrative methods, some of which are in debt for more than the value of their homes. According to the Polish legislation, banks in the event of insolvency of its customer, have the right not only to property covered by the mortgage, but also to collect the missing value of the debt of the debtor’s assets.
Deputy Prime Minister Janusz Piechociński announced that the changes franc will meet with the President of the NBP and members of the Monetary Policy Council. Asked about the timing, he said, he wanted to keep the meeting took place as soon as possible. It also has to talk about it later, with the Minister of Finance.
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Meanwhile, the central bank did not have too much room for maneuver to strengthen the Polish currency. Poland still touches deflation, which gives arguments for reducing interest rates, rather than increasing.
Life of an expensive franc can take. TMS analyst at brokerage house, Bartosz Sawicki stresses that for a long time its price will be above 4, respectively. According to the expert, the price of the Swiss currency should not return to the record levels recorded today, about 5 dollars. In the long term, lowering interest rates to minus 0.75 percent will make the exchange rate against major currencies will weaken. According to the analyst, but it is vain consolation for those who took out loans in francs to pay for not less than half now.
salvation for frankowiczów may be a court – says in an interview with Thomas Sadlik IAR – the founder of the association “Pro Futuris “acting on behalf of people affected by the banks. – Installments will rise again, but you have to fight for their – Thomas Sadlik notes.
– You have to remember that most of our contracts were concluded in violation of consumer rights. Remember that the Financial Supervision Commission in 2007 warned of a significant foreign exchange risk, and informed us that it is a fiction and that the Swiss franc is stable and there is no question of any risk – says Tomasz Sadlik.
By Thomas Sadlik, some borrowers will flee in bankruptcy or decides to fight in court. against the banks is already prepared ten class action lawsuits were filed three, in one case, the court granted the borrowers right now.
According to the founder of the association “Pro Futuris”, the Polish government should enter into negotiations with the Association of Polish Banks on changes in the loan agreements and thus help frankowiczom. Thomas Sadlik from Krakow in Poland, first sued the bank for a loan in Swiss francs and led to the start of the process. Raiffeisen Bank sued for giving him a mortgage in a foreign currency. In his opinion, it was a scam, because no bank employee told him honestly about the principles of taking out a loan. Translate from Krakow after several years of repayment, the bank has to pay twice the amount than borrowed.
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