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One America News Network
2y ago
February 17, 2022
ZURICH (Reuters) – Swiss companies are not stockpiling cash in their strongrooms and offices to avoid being hit by negative interest rates, a Swiss National Bank (SNB) survey released on Thursday showed.
The SNB has charged commercial banks a negative rate of minus 0.75% since January 2015 as part of its strategy to weaken demand for the safe-haven franc.
Some banks have passed on the charge to their customers, triggering fears people anxious to avoid it could respond by hoarding cash.
But most companies (58%) told the SNB they did not keep cash as a store of value in the su ..read more