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7 November 2022 | Other

Weaker franc boosted Switzerland's exchange reserves

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EURCHF
USDCHF
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The Swiss National Bank's exchange reserves rose in October, central bank data showed. The depreciation of the Swiss franc helped reverse a sharp fall in the country's exchange reserves in September.

Economic agents have been closely watching the data for signs that the central bank is selling its dollars and euros to curb inflation, thus supporting the Swiss franc's strength this year.

According to Credit Suisse economist Maxime Botteron, it is quite possible that the Swiss National Bank was selling some of its foreign currency to strengthen the Swiss franc. According to the economist, in September the Swiss National Bank sold 3.4 billion francs of foreign currencies.



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