SNB continued to sell foreign currency on a large scale in the 3rd quarter
Published: Friday, Dec 29th 2023, 09:30
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The Swiss National Bank (SNB) once again sold foreign currency on a large scale in the third quarter of 2023. It has slowed its sales slightly. It last acquired foreign currency in the first quarter of 2022, but has sold it every quarter since then.
From July to September 2023, the central bank sold foreign currency worth the equivalent of CHF 37.6 billion, according to SNB statistics published on Friday. In the second quarter, foreign currency sales amounted to 40.3 billion and in the first quarter to 32.2 billion.
The SNB reported the first sales transactions in mid-2022. Before this time, it bought foreign currency, sometimes on a large scale, to prevent the Swiss franc from appreciating too much. In 2021, for example, foreign currencies worth CHF 21.1 billion were purchased, and in 2020 the figure was just under CHF 110 billion.
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