SNB Sight Deposits Increased to 294.2 Billion Francs in Week
Sight deposits of domestic banks with the Swiss National Bank increased last week.
Average sight deposits rose to 294.2 billion francs ($317 billion) in the week ending Sept. 14 from 291.1 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 290.5 billion francs from 289.2 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 2011 to fight deflation risks.
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