High franc impacting Swiss hotel industry: statistics
Tourists are shunning Switzerland because of the strength of the franc, according to hotel overnight stay figures released by the Swiss Federal Statistical Office on Monday.
"Overnight stays by foreign visitors in July fell 4.0 percent to 2.4 million," the Federal Statistical Office said.
"The strength of the franc against the euro, accentuated by rainy and cold meteorological conditions can explain this fall," it said.
Swiss tourists also reduced their overnight stays by 2.7 percent to 1.7 million, the statistical office said.
The Swiss franc, considered a safe haven currency, has been rising throughout the year as investors flee economic turmoil abroad. At its peak earlier in August, it was up around 20 percent against the euro and 25 percent against the dollar compared to 2009.
During the first seven months of 2011 the total number of overnight stays fell by 0.8 percent to 21.6 million, the statistical office added.
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