Swiss Q2 current account narrows, reserve asset growth slows
3:18 am Friday, September 23rd, 2022
ZURICH (Reuters) – Switzerland’s second-quarter current account surplus narrowed by nearly 1 billion Swiss francs to 11 billion Swiss francs ($11.23 billion), the Swiss National Bank (SNB) said on Friday.
The SNB acquired 1.95 billion francs in reserve assets during the second quarter, down from 3.24 billion in the first three months, indicating the SNB was more relaxed about the franc’s strength as it focused on fighting imported inflation.
The SNB said on Thursday it would still use forex interventions, purchasing foreign currencies to rein in an “excessive appreciation” of the Swiss franc or selling them to prop up the currency if needed.
($1 = 0.9795 Swiss francs)
(Reporting by Michael Shields; Editing by Paul Carrel)
