Britain threatens to destroy 18 months of Swiss toil in a stroke

Brexit effect: Swiss franc notes seen in a store in Bern, Switzerland recently. With the advent of Brexit, the franc may lose haven status. – Reuters

EDINBURGH: Once again, someone else’s crisis is threatening to make life more difficult for the Swiss.

Ever since it abandoned an exchange-rate cap in January 2015, the Swiss National Bank has battled against the franc’s appeal as a haven, guiding the currency lower with intervention and interest-rate cuts in an effort to keep the economy competitive. The strategy is finally paying off, with the franc just posting its weakest month versus the euro since the currency limit was scrapped.