Swiss central bank sight deposits hit record, suggesting FX interventions

Section:

By Catherine Bosley
Bloomberg News
Monday, August 5, 2019

The Swiss National Bank may have intervened to tame the franc's rise, with record-high sight deposits pointing to currency market activity.

The cash commercial banks hold with the central bank, which economists consider an early indicator of SNB moves in foreign exchange markets, climbed 0.3% from the previous week to 583 billion francs ($597 billion) as of Aug. 2, figures released on Monday showed. That's the second consecutive sizable increase.

... Dispatch continues below ...


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"It does suggest interventions," said Credit Suisse Group AG economist Maxime Botteron, though given the time transactions take to settle, the activity may have taken place in the week ending July 26.

A spokeswoman for the SNB declined to comment on the sight deposit figures. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-08-05/snb-sight-deposits-hi...

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