Zurich (Reuters) – The foreign exchange reserves of the Swiss National Bank (SNB) have risen to a record high of 531.8 billion francs in July.
according to the standards of the International Monetary Fund (IMF) calculated reserves increased from the previous month to 15.8 billion francs, as the Fed announced on Friday.
The increase was mainly due to the weakening of the Swiss franc, the SNB explained a spokesman. The central bank reserves are invested primarily in euros and in dollars and exchange rate movements of both currencies against the Swiss franc result in the appropriate value changes. The end of July was a euro about two percent more expensive than a month earlier. The dollar depreciated by more than three percent.
Forex expert Peter Rosenstreich from broker Swissquote sees the data but also a proof that the monetary authorities intervene in the currency market continues to move away from the Euro-connection against a too strong national currency.
The SNB had given up in mid-January to more than three years in force minimum euro exchange rate of CHF 1.20 and braces itself since then with negative interest rates against the Swiss franc strength, the power to create the export-oriented industry and the tourism industry. SNB President Thomas Jordan and his two Board members, however, want to intervene in the currency market, should roll a new wave of money to Switzerland. The end of June confirmed Jordan, contrary to the usual practice that the SNB has given the escalation of the Greek debt crisis intervened against the franc [ID: nL5N0ZF1O9]. Currently 1.0740 francs to be paid for the euro, so much not like the beginning of March.
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