SNB: from floor to ceiling
Swiss National Bank may ‘begin to act as a ceiling on the exchange rate’, says HSBC
The Swiss National Bank (SNB) has a $744 billion problem and no easy way out. Numbers published by the central bank at the beginning of August show Switzerland’s stockpile of FX reserves reached an all-time high in July, up 3% on the previous month.
While the latest figures indicate the SNB has not taken any steps to reduce its FX holdings, questions have been raised as to how and when that process will happen. Any solution the central bank may have in store will have to take into account its
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