Cyprus Central Bank keeps watch on Swiss Franc

The Central Bank of Cyprus (CBC) is monitoring the situation regarding Swiss franc, the Director of Bank Supervision & Regulation Department and Licensing Section of the Bank Yiangos Demetriou has said.

The issue arose last week regarding the Swiss franc/euro exchange rate, following a decision by the Swiss National Bank to discontinue the minimum exchange rate of 1.20 Swiss francs per euro with immediate effect,

"There aren’t many things that we can do, we are just monitoring the situation and seeing how things are going," he said invited to comment on this development, given the fact that many Cypriots have borrowed in Swiss francs.

Source: Famagusta Gazette