ANL 33.56 Decreased By ▼ -0.56 (-1.64%)
ASC 15.06 Increased By ▲ 0.26 (1.76%)
ASL 23.68 Decreased By ▼ -0.64 (-2.63%)
AVN 91.50 Increased By ▲ 0.28 (0.31%)
BOP 7.91 Increased By ▲ 0.12 (1.54%)
BYCO 9.97 Decreased By ▼ -0.24 (-2.35%)
DGKC 120.48 Decreased By ▼ -1.02 (-0.84%)
EPCL 53.50 Decreased By ▼ -1.65 (-2.99%)
FCCL 23.80 Decreased By ▼ -0.44 (-1.82%)
FFBL 27.64 Decreased By ▼ -0.46 (-1.64%)
FFL 15.75 Decreased By ▼ -0.41 (-2.54%)
HASCOL 9.40 Decreased By ▼ -0.10 (-1.05%)
HUBC 77.90 Increased By ▲ 0.20 (0.26%)
HUMNL 6.34 Decreased By ▼ -0.13 (-2.01%)
JSCL 21.15 Increased By ▲ 0.75 (3.68%)
KAPCO 39.84 Decreased By ▼ -0.16 (-0.4%)
KEL 3.77 Decreased By ▼ -0.05 (-1.31%)
LOTCHEM 15.68 Decreased By ▼ -0.22 (-1.38%)
MLCF 45.00 Decreased By ▼ -1.15 (-2.49%)
PAEL 34.10 Decreased By ▼ -1.80 (-5.01%)
PIBTL 10.20 Increased By ▲ 0.05 (0.49%)
POWER 8.93 Decreased By ▼ -0.21 (-2.3%)
PPL 84.60 Decreased By ▼ -0.60 (-0.7%)
PRL 23.99 Decreased By ▼ -0.31 (-1.28%)
PTC 9.49 Decreased By ▼ -0.01 (-0.11%)
SILK 1.44 Decreased By ▼ -0.01 (-0.69%)
SNGP 40.50 Decreased By ▼ -0.90 (-2.17%)
TRG 173.00 Increased By ▲ 7.99 (4.84%)
UNITY 32.37 Decreased By ▼ -0.28 (-0.86%)
WTL 1.62 Decreased By ▼ -0.11 (-6.36%)
BR100 4,865 Decreased By ▼ -7.01 (-0.14%)
BR30 25,552 Decreased By ▼ -33.9 (-0.13%)
KSE100 45,307 Decreased By ▼ -93.24 (-0.21%)
KSE30 18,503 Decreased By ▼ -29.44 (-0.16%)

Coronavirus
VERY HIGH
Pakistan Deaths
16,600
14824hr
Pakistan Cases
772,381
549924hr
Sindh
274,196
Punjab
276,535
Balochistan
21,127
Islamabad
70,984
KPK
108,462
Markets

Swiss franc grips under groups’ lobby

ZURICH : Swiss trade union and business groups pressed the Swiss National Bank (SNB) to weaken the franc further to supp
23 Oct 2011

nalysisZURICH: Swiss trade union and business groups pressed the Swiss National Bank (SNB) to weaken the franc further to support struggling exporters, the head of Swiss industry lobby group Swissmem said on Sunday.

Representatives from Swiss trade union Unia and Swissmem held a meeting at the Swiss National Bank last week.

In an interview with newspaper Sonntagsblick Swissmem President Hans Hess praised the SNB's decision to cap the runaway franc at 1.20 to the euro, but said more needed to be done to protect jobs and margins.

"Firstly we thanked the SNB that they set a lower limit of 1.20 francs to the euro," Hess told the paper.

"We also said that this exchange rate was not enough for the export industry. Our members will have to resort to relatively harsh measures to cut costs in 2012. We'd be happy if the SNB succeeded in weakening the franc further."

Hess said an ideal exchange rate would be at around 1.35 francs to the euro. No demand, however, was made for the SNB to move the cap higher, he said.

"The SNB should weaken the franc. It's up to them how they want to do it."

Hess said some 10,000 jobs in the Swiss metals, electronics and machinery industry were under threat, but dismissed concerns the Alpine country could undergo de-industrialisation.

"There is no de-industrialisation in Switzerland if the euro exchange rate of 1.20 can be maintained," he said.

 

Copyright Reuters, 2010