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FRANC

Swiss franc gains against euro

The Swiss franc rose further against the euro on Monday despite last week's decision by the central bank to maintain its cap on the exchange rate.

Published: 19 December 2011 16:03 CET
Swiss franc gains against euro
Michael Faes (File)

At 2.45pm, the Swiss currency stood at 1.219 francs against the euro — a high since the end of November — compared to 1.2204 late on Friday.

The franc rose swiftly last Thursday after the decision of the Swiss National Bank to continue to enforce its minimum exchange rate of 1.20 franc per euro, imposed at the beginning of September to hold the Swiss currency down and support exports.

The SNB said it was prepared to take further measures, including buying “unlimited” foreign currency if necessary.

Analysts at the Zurich Cantonal Bank said the “lateral” movement of the franc would continue for several weeks.

But if the Swiss currency should near the 1.20 limit against the euro, the SNB would intervene, they said.

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CURRENCY

Spanish town brings back the peseta in bid to boost spending

They haven't been legal currency in Spain since 2002 but residents in one town in Valencia can now spend any old pesetas they have hidden away thanks to a scheme aimed at boosting spending during the coronavirus crisis.

Published: 28 October 2020 14:12 CET
Spanish town brings back the peseta in bid to boost spending
Old peseta notes and coins can be exchanged until the end of 2020. Photo: AFP

The Multipaterna Commerce and Services Association has launched a campaign that allows payment to be made with pesetas in certain establishments in Paterna, a town in the Valencian Community.

The campaign, which includes hardware stores, opticians, computer and electronics stores, real estate, florists, lingerie stores and parcel kiosks, will run until December 15th. 

For the rest of Spain those who still have the old currency there is still a few months left to convert them into euros, although they can’t spend them in shops.

Spaniards have been told that they have until December 31st 2020  to exchange their pesetas for euros and that applies for both bank notes and coins.

Any notes produced during the Franco era, which ran from the end of the Civil War in 1939 until the dictator's death in 1975 can be automatically changed by the Bank of Spain.

Those issued during the conflict can also be exchanged but the process will involve them being analysed by experts to confirm their authenticity.

And any coins still in circulation at the time that euros were brought in on New Year's Day in 2002 can also be exchanged at Bank of Spain headquarters in Madrid.

The exchange rate offered  by the Bank of Spain is 1 euro = 166,386 pesetas but the bank advised that commemorative coins and notes may be worth more as collectors' items than for their face value, which is all that will be offered in the exchange scheme.

The Bank of Spain estimates that pesetas worth some €1.61 billion are squirreled away in Spanish homes, cluttering up the drawers of old desks and trunks in dusty old attics.

Many will never see the light of the day and others have become collectors' items now worth more than their exchangeable value.

Spain adopted the Euro at the start of 2002 but pesetas were still legal currency during a transition period that lasted the first three months of that year.

Exchanges can be made in person at the Banco España building on Madrid's Calle Alcala or via a postal or online service, even available to those abroad.  For more information check out the official webpage of the Banco España HERE. 

By Conor Patrick Faulkner in Valencia

 

 

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