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Chairman Swiss National Bank, Philipp Hildebrand, has resigned following revelations about a $504,000 worth transaction made by his wife Kashya.
Mrs. Hildebrand made a currency trade in August because she wanted to have half of the family's assets in US dollars, an investigation has revealed. The chief said he had no knowledge of the transaction which his wife later earned profit on.
Less than a month later, the SNB intervened to try to weaken the Swiss franc. This meant that when the family converted the money back into the franc, they earned a profit on the transaction.
Mrs. Hildebrand made a currency trade in August because she wanted to have half of the family's assets in US dollars, an investigation has revealed. The chief said he had no knowledge of the transaction which his wife later earned profit on.Less than a month later, the SNB intervened to try to weaken the Swiss franc. This meant that when the family converted the money back into the franc, they earned a profit on the transaction.
"I have come to the conclusion it is not possible to provide conclusive and final evidence that my wife did initiate the transaction without my knowledge," said Mr. Hildebrand while speaking at a press conference.
"I would like to think I have been a damn good central banker.
"I personally advocated strongly and early for stricter capital requirements for the big banks. The policy of the central bank was a success in recent years."
The ex-chief has been cleared of any wrongdoing by the SNB.
Source: BBC News
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