Pound - Swiss Franc Exchange Rate Back At Same Level as A Year Ago
Pound - Swiss Franc Exchange Rate Back At Same Level as A Year Ago
Published : 02-Mar-2015 09:29
Six weeks after the Swiss Central Bank ended its exchange rate fix with the Euro simultaneously caused the franc to soar ion value against most other countries, including a 20% jump against the pound, causing in-resort costs to soar still higher in Switzerland for British skiers, the exchange rate has stabilised and is back to a similar level to where to it was a year ago.
When the Swiss central bank made their decision on January 15th the sudden higher cost of the Swiss Franc for British buyers was heralded as a further death knell in Swiss ski holidays, following the controversial decision last year to insist British employees in the Swiss Alps are paid the Swiss minimum wage, not the British one, which led to a number of big ski companies pulling out of running Swiss chalet holidays, while costs at the lower end of Swiss chalet holidays, where still offered, are typically now considerably higher than in other countries.
A year ago on March 2nd 2014 a pound bought 1.47 Swiss francs and today it also buys 1.47 Swiss Francs, having regained just over 20% of its value since dropping to buying 1.3 Swiss Francs on January 15th 2015. The story is not yet quite as good as it could be as the pound was at a high for the past few years against the Swiss Franc on January 15th before the Swiss Bank's decision, buying 1.55 Swiss Francs, so it has not quite recovered to that level yet,. But the trend continues upwards in the pounds value.
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