Got a 20% salary raise last Thursday

EUR-CHF RateWell, my Swiss Franc salary is the same as it was before but with the recent appreciation of the Swiss Franc against the Euro I got an effective salary raise of about 20% since I get my salary in Swiss Francs and pay almost all my bills in Euros. How long this will last remains to be seen but since the SNB have offically abandon the rate cap I doubt that it will deprecate back all the way to the old rate in quite a while. The SNB believes that it will eventually settle somewhere in between the old and the current rate.

Some of my colleagues told me that the queues to the cash machines at the UBS offices at CERN were huge and that they were empty of Euro bills at lunch-time last Thursday. I guess people did not think it would last so they did not want take the chance and wait a day for an electronic transfer. You really have to be desperate for money if you are queueing hours in front of a cache machine to earn a few Euros though.

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