Swiss currency conundrum after scrapping cap on franc

The Swiss National Bank’s scrapping of its cap on the franc, which rocked foreign exchange and equity markets around the world, is being accepted with resignation by many at home.

The central bank, led by Thomas Jordan, is generally well regarded in Switzerland, with a survey of company executives this month giving it better marks than the government.

The surprise policy shift on Thursday in Zurich, which caused the franc to shoot up against the euro and Swiss blue-chip stocks to slump, is regarded as unwelcome but necessary.