Swiss Banks Face $440 Million Hit on Higher SNB Reserve Rule
- Central bank raised ratio to 4% from 2.5% from July 1
- Jordan had flagged he was mulling the move last year
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The Swiss National Bank is requiring banks to hold more money at the institution, a move that will cut how much interest it pays to them.
The central bank is increasing the minimum reserve ratio to 4% from 2.5%, it said in a statement on Monday.