system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: Why did the swiss bank change the value of the franc and what effects does that have on the economy?
gpt
The Swiss Central Bank has been holding the Franc/Euro Exchange rate at a 1.20 Francs per Euro minimum rate since 2011. 

Today they announced to no longer keep it this way, which made the rate shortly drop to 0.85 Francs/Euro, right now it's about parity/1:1. At the same time they announced to push interest rates from -0.25 to -0.75%, meaning you "pay" to hold Swiss Francs.

So what are the consequences? Bad news for Swiss export industry and tourism (no one can afford the Swiss Franc anymore, Swiss Market Index is about 10-15% down), Franc/Euro and Franc/USD went down, USD/Euro also went down, and bad news for people holding credits in Swiss Franc (lots of Polish people apparently, it gets much more expensive to pay off their loans).