Todays’ TagesAnzeiger reports that the Swiss government plans to provide around 1.3 bln francs in relief aid to Swiss companies in the tourism and export sectors that have been hurt by the swiss francs’ burgeoning strength.
The Swiss Economy Minister and Finance Minister are proposing to offer some companies lower social security contributions for one year.
Package also envisages CHF 100 mln in aid for the tourism industry and a similar amount to promote technical innovation programs.
The proposals will be discussed at todays Swiss cabinet meeting in Bern.
Obviously there has been much recent speculation, that a move to peg the swiss franc to the euro, will also be up for discussion at todays meeting.
Levels of 1.15 and 1.20 have been oft mentioned in the past week or so.
The cross has risen in early European trading to the former level, presently at 1.1500 having been as high as 1.1550.