SNB Domestic Banks’ Sight Deposits Little Changed Last Week

Sight deposits of domestic banks with the Swiss National Bank were little changed last week.

Average sight deposits stood at 277.5 billion francs (284 billion dollars) in the week ending Aug. 10 after reaching 277.3 billion francs in the previous week, the Zurich-based SNB said in a statement on its website today.

Average sight deposits calculated on an accumulated monthly basis advanced to 274.9 billion francs from 273.6 billion francs, the central bank said.

Sight deposits have been pushed higher as the SNB increased liquidity and bought euros from banks to defend its currency ceiling, crediting lenders’ deposits with the amount of francs sold. The central bank introduced the limit of 1.20 francs per euro in September to fight deflation risks and help exporters.

To contact the reporter on this story: Klaus Wille in Zurich at kwille@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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