The move will work for a while, but the market will have more money in the end than the SNB. The Swiss central bank risks losing a lot of money buying up lots of foreign currencies which they will eventually sell at a loss.
Another risk is that the central bank will totally debase the Swiss franc trying to keep Switzerland 'competitive' which will then destroy the traditional Swiss financial industry.
So this is a huge mistake for Switzerland since they are going to suffer more either way.
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