2015-01-15 10:51 [Photo: Luke Solski / East News] 
Swiss National Bank gave up defense franc against the euro. This means a huge appreciation of the franc against all currencies. Zloty exchange rate has already exceeded $ 5, an increase of nearly 50 percent.
No one expected such a turn of events. Detailed information on the causes of such behavior of the central bank will be announced around 13:15 during a press conference of the authorities. All through the decision of the local central bank, which waives all defenses against the euro exchange rate. Since 2011, it was set at 1.2. EUR / CHF falls below 1.10 immediately.
In a moment franc gold was valued even more than $ 5. This meant an increase of 45 percent. It is the largest movement since 1971. Frank is strongest against the euro in the history of the European currency.
Down flying listing on global exchanges. WIG20 lost nearly 2 percent.
This is not the only surprising decision of the Bank of Switzerland. At the same time reduces the interest rate to -0.75 percent from the current level of 0.25 percent.
The effects of the decision will be felt not only the financial markets. It’s terrible information for borrowers who got into debt in franc. Installment loans will be much higher. Experts in the first comments rather calm. They point out that the first reaction in the markets is exaggerated and over time the situation has stabilized at slightly lower levels. Several minutes after 11.00 rate is at 4.22 zł.
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