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The Swiss National Bank (SNB) has introduced a negative deposit rate to defend the exchange rate floor unchanged at 1.20 francs per euro. The SNB will charge 0.25% on sight deposits at the central bank. The new deposit rate will be imposed on January, 22.
The recent turmoil in global markets (falling oil prices and the Russian crisis) pushed the Swiss franc higher due to increased demand for safe-haven assets.
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