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Swatch CEO Warns Strong Franc Threatens Swiss Industry

Swatch CEO Nick Hayek warns that the surging Swiss franc makes domestic manufacturing unsustainable. He urged the central bank to act despite trade risks.

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Swatch Group CEO Nick Hayek has voiced serious concerns regarding the rapid appreciation of the Swiss franc, warning that the currency's strength poses a significant threat to the industrial base of Switzerland. Speaking to Swiss broadcaster SRF, Hayek highlighted that the safe-haven currency has reached 11-year highs against the EUR/CHF pair and continues to gain ground against the USD/CHF exchange rate.

Swatch Group CEO Nick Hayek attends the Swiss watchmaker's annual news conference in Biel, Switzerland, on March 14, 2019. REUTERS/Denis Balibouse
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