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This is the result of the SNB statistics released on Friday. When the annual report was published ten days ago, the Central Bank announced that it sold 22.3 billion CHF worth of foreign currency in 2022. From here, the mentioned value for the last quarter of the year could already be calculated.
The SNB thus completed a paradigm shift: before 2022 it had always bought foreign currency to prevent the Swiss franc from gaining too much value. For example, CHF 21.1 billion worth of foreign currency was purchased in 2021, almost CHF 110 billion in 2020.
Meanwhile, foreign exchange sales are also in the foreground. The SNB is battling inflation not only with rate hikes, but also with a strong Swiss franc. An appreciative franc helps import less inflation from abroad.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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