The Swiss National Bank (SNB) has stepped up its foreign exchange sales. In the third quarter of 2022, the central bank sold foreign exchange worth CHF 739 million, according to SNB data published on Friday. In the second quarter, the sales volume was still five million francs. Despite the comparatively low volume, sales from April to June signaled a change in course. This ended the era of intensive foreign exchange market interventions aimed at weakening the franc. Since the peg to the euro was abolished in 2015, the SNB had spent a total of CHF 353 billion, mainly on buying dollars, yen and euros, in order to curb the appreciation of the domestic currency, which is particularly sought after in times of crisis. In 2022, the SNB made combating inflation the focus of its policy. Even if inflation of three percent in November is moderate by international comparison, it is well above the central bank’s target range of zero to two percent.
National Bank – Switzerland sells foreign exchange – Economy
