Swiss queue round the block to change currency as 'Francogeddon' continues

Bureaux de change in Switzerland have been inundated with customers after the Swiss franc surged in response to Switzerland's central bank’s decision to scrap a three-year cap on the currency.

Twitter user Haldane Dodd tweeted two pictures as he walked around Geneva which showed long queues snaking outside foreign exchange outlets.

“Geneva this morning and the biggest queues are not outside the Apple Store, but the Bureau de Change! #Francogeddon,” he said in a post accompanying the message.

The franc, or “Swissie” as it’s known, rocketed as much as 30% against the euro on Thursday, after the Swiss National Bank axed the ceiling, which has pegged the franc at €1.20.

Many in Switzerland sought to cash in their francs, grabbing an opportunity to get more euros for the same amount in the Swiss currency.

The SNB introduced the cap in 2011 to try and stave off investors who, in the midst of the eurozone crisis, were ditching the single currency in favour of the safe haven franc and driving up the cost of Swiss exports.

But the threshold had become increasingly difficult to maintain, particularly with the onset of the Russian rouble crisis, and the SNB threw in the towel.

The prospect of European Central Bank monetary easing, which is expected to be unveiled next week and which could put more pressure on the franc, could also have influenced the decision.