Economics
SNB Interventions for Year Already Top $100 Billion
- U.S. censured Swiss for their interventions to weaken franc
- SNB uses interventions, negative rates to rein in currency
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Switzerland’s central bank spent 11 billion francs ($12.5 billion) on interventions in the third quarter, adding to an already-high tally that got the country labeled a currency manipulator by the U.S.
The Swiss National Bank acquired foreign currencies worth more than 100 billion francs win the first nine months of the year -- the biggest sum since 2012 -- as it fought to counter pandemic-induced haven buying that temporarily pushed the franc to a five-year high against the euro.