Forex News – SNB President Hildebrand resigns, Swiss franc jumps

Important: This page is part of archived content and may be outdated.

The Swiss National Bank Chairman announced his resignation today. The central bank head decided to quit amid a scandal surrounding a  controversial currency trade made by his wife, the SNB said on Monday afternoon.

As a result, the Swiss franc briefly jumped after the news. USDCHF dropped to 0.9489 from 0.9534. EURCHF fell to 1.2105 from 1.2147.

The SNB said in a brief statement that Hildebrand would speak about his decision at 1415 GMT at a media briefing in Berne and make available a number of unspecified documents.

Hildebrand’s wife Kashya, a former hedge fund trader who now runs a Zurich art gallery, bought 400,000 Swiss francs ($418,000) worth of dollars on Aug. 15, three weeks before her husband oversaw steps to cap the rise of the franc.

Hildebrand last week rejected calls to step down, saying he only learned of his wife’s trade the following day, rejecting claims by the Swiss magazine Weltwoche that he had personally authorised the currency deal, which made a big profit.   (