Cyprus Mail
Business

Lawyer says EU court ruling protects consumers with Swiss franc loans

By Stelios Orphanides

Consumers who received loans in Swiss francs from banks are protected from exchange rate fluctuations, a lawyer said a day after the Swiss National Bank scrapped the currency’s cap to the euro exchange rate.

As a result, Switzerland’s national currency gained more than 15 per cent towards the euro in two days and was traded today close to 1.01 francs per euro.



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