Swiss National Bank Intervened With $4.8 Billion to Curb Franc Surge

businessmacroeconomics 2 posts · 2 accounts

The Swiss National Bank said it intervened in the currency markets during the first quarter, purchasing $4.8 billion in foreign exchange to curb the Swiss franc’s surge. The disclosure on Tuesday quantified the central bank’s response to the sudden safe-haven demand triggered by the United States and Israel beginning military operations against Iran.

SNB stated the foreign-exchange purchases were designed to halt the rush for the franc as the conflict escalated. Switzerland’s central bank regularly publishes data on foreign-exchange reserves and intervention activity, making the 3.9 billion franc ($4.8 billion) figure a clear indicator of the scale of its defensive action against the geopolitical shock.

From the sources (2 posts)

@staunovo

The Swiss National Bank sold francs in the first quarter, intervening to stop the currency’s surge when the US and Israel started to attack Iran. Switzerland’s central bank purchased foreign exchange worth 3.9 billion francs ($4.8 billion)

@zschneeweiss

SNB intervened to halt the rush for the franc at the start of the Iran war via @bbenrath

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