Saturday 24 February 2018

Swiss central bank chairman steps down

Philipp and Kashya Hildebrand. Photo: Reuters
Philipp and Kashya Hildebrand. Photo: Reuters reporters

THE CHAIRMAN of the Swiss Central Bank chairman Phillipp Hildebrand has resigned with immediate effect.

The move came after it emerged his wife had profited after entering the currency market buying €504,000 in August just before an intervention by the Swiss National Bank to halt the rise in the value of the franc as investors pumped money into it as a safe haven during the debt crisis.

That intervention meant the dollar appreciated in value significantly against the Swiss franc.

Following her move, the transaction prompted speculation that she had had privileged information but an investigation found no wrongdoing.

As recently as last week, Mr Hildebrand said he saw no reason to resign over the transaction.

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