Sept 30,2022:The Swiss National Bank sold 5 million Swiss francs ($5.1 million) worth of foreign currency in market interventions in the second quarter of 2022, data on Friday showed, ending an era of heavy foreign currency purchases to curb the franc’s gains.
Since scrapping its minimum exchange rate in 2015, the SNB has spent 353 billion francs buying mainly dollars, yen and euros to stem the appreciation of the safe-haven currency.
The halt to foreign exchange purchases is the second sea-change in SNB policy recently, with the central bank also quitting its near eight-year era of negative interest rates last week to fight resurgent inflation.
($1 = 0.9766 Swiss francs)
