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Polish banks sweat over Swiss franc ruling



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Like other Central and Eastern Europeans, thousands of Poles took out mortgages in Swiss francs in the 2000s to take advantage of low interest rates in Switzerland. In 2008, the mortgages taken out in zlotys had an average annual interest rate of 8.7%, while similar Swiss franc-denominated loans issued by local banks had an average interest rate of 4.4%.  But many borrowers saw their installments spike dramatically with the Swiss franc almost doubling in value against the zÅ‚oty since the 2008 financial crisis and in particular after the Swiss franc was depegged from the euro in 2015. Poland is the last country in Europe …

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