18 Aug 2011

Swiss franc at record highs

8:05 am on 18 August 2011

The Swiss National Bank is trying to pull the Swiss franc back from record highs, which are hurting exporters.

In a new move, SNB said it would increase the cash in Swiss francs available to banks from 120 billion ($US152 billion, 105 billion euros) to 200 billion. But the BBC reports the currency has since strengthened again.

The Swiss government also said it would increase its spending by 2 billion francs to help boost the domestic economy.

Investors have moved into the franc due to worries over eurozone and US debt.

The demand has driven it up by 20% against the dollar and the euro.