Tuesday, March 21, 2023

SNB accelerates FX sales

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The National Bank wants to keep the franc strong by selling foreign exchange. (archive image)

In the second quarter of 2022, the SNB had stopped its foreign exchange purchases, which had been common for years to weaken the Swiss franc. In the period from April to June, foreign exchange was sold for the first time – and that was worth five million. In the first quarter, the SNB had bought foreign exchange for 5.7 billion.

In 2021, the SNB had even acquired foreign currencies amounting to 21.1 billion francs to prevent an unwanted appreciation of the franc – but that was far less than the massive interventions in the corona year 2020 of around 110 billion francs.

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