On what date did the Swiss National Bank remove the cap on the Swiss franc?

The Swiss National Bank removed its cap on the Swiss franc on 15 January 2015.

More precisely, the SNB discontinued the minimum exchange rate of CHF 1.20 per euro. The policy had been introduced on 6 September 2011 to limit excessive appreciation of the franc, which was attracting demand as a safe-haven currency during the European debt crisis.

By early 2015, the euro had weakened and defending the floor required increasingly large foreign-exchange interventions. The SNB concluded that the minimum rate was no longer sustainable and ended it without a gradual phase-out. It also reduced the interest rate on sight deposits to −0.75% to make franc holdings less attractive.

The announcement caused an extraordinary market shock: the franc appreciated sharply against the euro and other currencies, while shares of Swiss exporters fell and some foreign-exchange brokers suffered heavy losses. The event is often called the “Swiss franc shock.” It is important not to confuse this date with the 2011 introduction of the cap or with later SNB interventions in currency markets.