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The Swiss National Bank (SNB) recently intervened massively in the currency markets to weaken the Swiss franc.
In the first half of 2020 alone, it raised CHF 90 billion for this, according to statistics released Wednesday.
Interventions in the foreign exchange market have been part of the SNB’s arsenal for almost six years to prevent an undesirable appreciation of the Swiss franc. Since the outbreak of the crown crisis, the central bank has emphasized that it is now “stepping up” the foreign exchange market.
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The SNB has raised a lot of money in recent years to intervene in the foreign exchange market. In 2015, the “peak year” so far, the SNB bought foreign exchange for 86.1 billion Swiss francs after the minimum euro exchange rate was raised.
The SNB publishes the volume of the previous quarter at the end of each quarter. In previous years, it was not known until the spring for how many billions the SNB had bought foreign currency in the previous year. In between, the experts tried to estimate the intervention in the forex market using the data and statistics available from the balance sheet.
ra / ys
Zurich (awp)
