Switzerland's central bank imposes negative interest ratesDecember 18, 2014 - 14:26 AMT PanARMENIAN.Net - Switzerland's central bank has imposed negative interest rates on commercial bank deposits, with the aim of preventing the Swiss franc from gaining more strength against other currencies. The move forces commercial banks to pay to deposit their francs with the Swiss National Bank. In a statement Thursday, Dec 18, the central bank said it was introducing a rate of minus 0.25 percent on sight deposit account balances of more than 10 million Swiss francs ($12.5 million). It said the "introduction of negative interest rates makes it less attractive to hold Swiss franc investments, and thereby supports the minimum exchange rate." Since 2011, the SNB has set the minimum exchange rate of the euro at 1.20 Swiss francs, helping sharply raise the value of major currencies like the dollar against the franc. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |