The Swiss government has announced new measures designed to help the tourism industry offset the effects of the strong franc.
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The economics ministry said on Wednesday it would allocate an additional SFr12 million ($12.35 million) to promote the tourism industry in 2011 and 2012.
The government’s innovation promotion agencyhas been allocated SFr 20 million to further support the export sector.
The franc gained 12 per cent against the euro in 2010 and five per cent against the dollar as both currencies came under pressure in the wake of the global financial crisis.
The economics ministry said the strong franc would continue to impact on exports and tourism, despite improvements in the position of the euro since the beginning of the year.
“Because of the delay between the progression of exchange rates and the demand for tourism, it is reasonable to expect the decline in tourism activity due to the strong franc will be significant not only in 2011, but also in 2012,” the ministry said.
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