(MENAFN- Swissinfo) The Swiss National Bank (SNB) spent CHF110 billion ($118 billion) on the foreign currency markets last year as it battled to apply the brakes on the franc's rising value during the pandemic.
This content was published on March 22, 2021 - 11:56 March 22, 2021 - 11:56 Keystone-SDA/Reuters/swissinfo.ch/sb
The level of interventions was up from CHF13.2 billion in 2019 and was at its highest level since 2012, the central bank's annual reportExternal link said on Monday.
'Appreciation pressure on the Swiss franc, which was particularly high in the first half of the year due to uncertainty surrounding the pandemic, necessitated CHF90 billion in interventions during that period . Pressure on the Swiss franc decreased in the second half of the year, meaning that fewer interventions were required,' the SNB wrote in its annual report.
The coronavirus pandemic increased investor interest in the safe-haven Swiss franc, while the US dollar generally fell in value against other currencies last year.
At the end of 2020, the SNB's total assets came to CHF999 billion, compared to CHF861 billion one year earlier. Total currency reserves stood at CHF962 billion at the end of 2020. The majority of these reserves (91%) was held in the form of foreign currency investments, the remainder in gold (5%).
More
More
MENAFN22032021000210011054ID1101793094
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.