In the third quarter of 2022, the central bank sold currencies, i.e. dollars, euros and yen, worth 739 million francs (749 million euros). In the second quarter, the sales volume was only five million francs.
Credit Suisse economist Maxime Botteron assumes that the SNB sold further foreign exchange in the fourth quarter. He estimates that the central bank sold 13.3 billion francs worth of foreign exchange in October alone. SNB President Thomas Jordan recently signaled that the central bank would continue to intervene in the foreign exchange market if necessary.
With the sales, the era of intensive foreign exchange market interventions to weaken the Swiss franc came to an end. In the current year, the SNB’s policy has focused on combating inflation, which at three percent (in November) is already very low by international standards. The Swiss central bank is aiming for an inflation target range of zero to two percent.
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Source: Nachrichten
