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Swiss central bank to revise transaction rules

Swiss central bank to revise transaction rules

Switzerland's central bank says it will revise regulations on transactions by its top officials amid a controversy over the role of the bank's president in private currency deals conducted as he led efforts to soften the Swiss franc.
The Swiss National Bank said its supervisory body, the bank council, decided Saturday to embark on a "comprehensive revision" of regulations concerning transactions involving financial instruments through the accounts of governing board members.
It added that outside auditors will review all bank transactions undertaken by members of its six-member enlarged governing board between Jan. 1, 2009 and the end of 2011.
Bank chief Philipp Hildebrand says he followed the bank's rules when he and his wife ordered U.S. dollar swaps while he was spearheading efforts to lower the value of the franc.


Updated : 2020-12-02 15:19 GMT+08:00