Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Swiss Q2 current account narrows, reserve asset growth slows

Published 09/23/2022, 03:18 AM
Updated 09/23/2022, 03:20 AM
© Reuters. The building of the Swiss National Bank is seen in Zurich, September 22, 2022.  REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Switzerland's second-quarter current account surplus narrowed by nearly 1 billion Swiss francs to 11 billion Swiss francs ($11.23 billion), the Swiss National Bank (SNB) said on Friday.

The SNB acquired 1.95 billion francs in reserve assets during the second quarter, down from 3.24 billion in the first three months, indicating the SNB was more relaxed about the franc's strength as it focused on fighting imported inflation.

The SNB said on Thursday it would still use forex interventions, purchasing foreign currencies to rein in an "excessive appreciation" of the Swiss franc or selling them to prop up the currency if needed.

($1 = 0.9795 Swiss francs)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.