Swiss Central Bank chief quits

Swiss Central Bank chief quitsOn Monday, Swiss National Bank Chairman Philipp Hildebrand resigned with immediate effect. Hildebrand remarked he could not prove he had been unaware of a currency trade made by his wife and wanted to protect the integrity of the central bank by moving out.

Hildebrand’s wife Kashya, a former hedge fund trader, bought 400,000 Swiss francs ($418,000) worth of dollars on August 15 three weeks before her husband oversaw steps to cap the rise of the safe-haven franc and then sold the dollars at a higher rate.

“I have come to the conclusion that it is not possible to provide conclusive and final evidence that my wife did indeed initiate the foreign exchange transaction on the 15th August without my knowledge,” Hildebrand said.

“Philipp has been instrumental in helping to manage the response to the global financial crisis and in developing major reforms to strengthen the resiliency and stability of the international financial system,” FSB chairman and Bank of Canada governor Mark Carney said.

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