Swiss National Bank

By Ian Chua & Tomo Uetake

The euro flirted with 11-year lows on Monday as investors braced for the European Central Bank to take its boldest steps yet to combat deflation and revive the euro zone economy.

Eight of the twenty-three analysts surveyed by business channel CNBC-e expect the Central Bank of Turkey (CBT) to cut its policy rate of 8.25 percent at the monetary policy committee?s rate-setting meeting on Jan. 20.

A leap sudden leap in the value of the Swiss franc in relation to the euro has caused a knock-on effect Croatia, bringing bad news to Croats holding loans in the Swiss currency.

During a single day the franc rose by 15.8 per cent in relation to the kuna.

The kuna is linked to the euro, to which the Croatian national bank, HNB, tries to keep the kuna pegged.

By Marc Jones

Global markets were thrown into turmoil on Thursday as a shock move by Switzerland to abandon its more than three-year-old cap on the franc sent the currency soaring and Europe's shares and bond yields tumbling.

The Swiss National Bank unexpectedly scrapped its cap on the franc on Thursday, sending the safe-haven currency crashing through the 1.20 per euro limit it set more than three years ago.