That is correct, as far as I understand.
It that also means Swiss companies have an incentive to borrow money and invest it, though.
EDIT: Ah, it seems it only applies to inter-bank interest rates, not sure how it trickles down to end clients.
It that also means Swiss companies have an incentive to borrow money and invest it, though.
EDIT: Ah, it seems it only applies to inter-bank interest rates, not sure how it trickles down to end clients.
this is what the effect SNB is going for -- that the CHF will naturally devaluate instead of them piling up risk by holding bazillion of EUR.