SNB Faces Costly Choice for Reserves Hoard as Dust Settles
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Thomas Jordan’s move to scrap the Swiss currency ceiling has left him working out what to do with the half-a-trillion-dollar legacy in its wake.
Two weeks after the market earthquake unleashed by that decision, the Swiss National Bank president and his officials face a choice on how to manage a mass of reserves accumulated during years of market interventions. The total is about 495 billion francs ($546 billion), including a sizable chunk in euro-area sovereign debt.