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Swiss central bank sight deposits hit record, suggesting FX interventions

Section: Daily Dispatches

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.

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Kinesis Engages Contis to Launch UK, European Debit Card for Its Digital Gold and Silver Currencies

Company Announcement
Tuesday, June 4, 2019

LONDON -- Today Kinesis Money announces the initiation of its U.K. and E.U. debit card program with Contis Group, the award-winning platform as a service that provides end-to-end banking and payments solutions. Kinesis has selected Contis for its European and UK debit card solutions and has officially started developments, scheduled for release in Q4.

The release of these euro- and pound-denominated debit cards will cement Kinesis' position in the market as a formidable global fintech player. The Kinesis debit card will allow Kinesis' clients in the U.K. and Europe to easily and efficiently use their Kinesis currencies to make purchases anywhere that has a merchant facility, as well as withdraw funds via global ATM networks. ...

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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. ...

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