ZURICH, March 25 — The Swiss government and Swiss National Bank (SNB) began pouring money into a sharply slowing economy hit hard by the coronavirus epidemic. The cabinet on Wednesday launched a 20 billion Swiss franc (RM90 billion) emergency scheme under which companies can get state-backed...
Switzerland's national flag flies next to the logo of Swiss bank Credit Suisse at a branch office in Luzern, Switzerland October 19, 2017. — Reuters pic
Companies suffering “substantial reductions in revenue” can also apply for bridging credit representing up to 10 per cent of their annual sales, to a maximum of 20 million francs. The facility will have no upper limits on the amounts available and will be available from March 26, the bank said. The Covid-19 refinancing facility allows banks to obtain liquidity from the central bank, secured by the government guaranteed loans.
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