1. Homepage
  2. Equities
  3. Switzerland
  4. Swiss Exchange
  5. Schweizerische Nationalbank
  6. News
  7. Summary
    SNBN   CH0001319265

SCHWEIZERISCHE NATIONALBANK

(SNBN)
  Report
Delayed Swiss Exchange  -  10:29 2022-08-12 am EDT
5900.00 CHF    0.00%
08/05Swiss Foreign Currency Reserves Inch Up in July
MT
08/03Swiss Inflation Rate Stabilizes at 3.4% in July Amid Expectations of Another Rate Hike
MT
08/03Swiss inflation holds steady at 3.4% in July
RE
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Swiss sight deposits dip, pointing to reduced SNB FX intervention

06/20/2022 | 08:00am EDT

ZURICH, June 20 (Reuters) - The level of Swiss sight deposits fell slightly, according to data published on Monday, indicating the Swiss National Bank has dialled back its currency market interventions that aimed to weaken the Swiss franc.

The total level of sight deposits -- cash held overnight by commercial banks with the SNB -- fell to 751.83 billion Swiss francs ($779.99 billion) last week from 753.08 billion francs.

Normally, an increase indicates that the SNB has been selling newly created francs to the commercial banks, whose accounts with the central bank increase as a result.

The operation has been a cornerstone of the SNB's campaign to weaken the safe-haven franc in recent years, due to concerns the currency's high value was damaging Switzerland's export-based economy and contributing to deflation.

The SNB declined to comment.

Last week the SNB changed tack, hiking its main interest rate for the first time in 15 years and saying it would tolerate the strength of the franc unless there was an "excessive appreciation" of the currency.

SNB Chairman Thomas Jordan said the franc was no longer highly valued, due to higher inflation in other countries.

The decline in sight deposits did not surprise Karsten Junius, an economist at J. Safra Sarasin.

"The SNB has made it overly clear that they do not intend to intervene in the FX-market to prevent a stronger Swiss franc as long as developments are smooth," he said.

"Given their inflation forecast of above 2% in Q1 2025 it is clear that a measured appreciation of the CHF would be welcome by the SNB as it would help keep imported goods prices down."

UBS economist Alessandro Bee said he would be surprised if the SNB had intervened recently, especially after Thursday's hawkish tone.

Still, as sight deposits generally reflect interventions from the first part of the week, this week's data doesn’t give great insight into happened after Thursday, he said.

"We may wait for next week to get a clearer picture," he said.

($1 = 0.9639 Swiss francs) (Reporting by John Revill; Editing by Michael Shields and Silke Koltrowitz)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) 0.19% 0.67005 Delayed Quote.0.70%
BRITISH POUND / SWISS FRANC (GBP/CHF) -0.43% 1.14353 Delayed Quote.-6.82%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.04% 0.73728 Delayed Quote.2.13%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) 0.19% 0.139824 Delayed Quote.-2.81%
DANISH KRONE / SWISS FRANC (DKK/CHF) -0.38% 12.963 Delayed Quote.-6.55%
EURO / SWISS FRANC (EUR/CHF) -0.40% 0.96791 Delayed Quote.-6.43%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) 0.24% 12.026 Delayed Quote.2.59%
INDIAN RUPEE / SWISS FRANC (INR/CHF) 0.04% 0.011832 Delayed Quote.-2.76%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.42% 0.7053 Delayed Quote.-10.59%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) 0.18% 0.60686 Delayed Quote.-3.28%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) -0.74% 0.015423 Delayed Quote.27.85%
SCHWEIZERISCHE NATIONALBANK 0.00% 5900 Delayed Quote.12.60%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) 0.04% 0.6873 Delayed Quote.1.80%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) -0.99% 0.092645 Delayed Quote.-7.02%
US DOLLAR / SWISS FRANC (USD/CHF) 0.17% 0.94286 Delayed Quote.3.32%
All news about SCHWEIZERISCHE NATIONALBANK
08/05Swiss Foreign Currency Reserves Inch Up in July
MT
08/03Swiss Inflation Rate Stabilizes at 3.4% in July Amid Expectations of Another Rate Hike
MT
08/03Swiss inflation holds steady at 3.4% in July
RE
07/29Schweizerische Nationalbank Reports Earnings Results for the Second Quarter and Six Mon..
CI
07/29Swiss National Bank Swings to Interim Loss On Foreign Exchange Fluctuations
MT
07/29Swiss National Bank posts record H1 loss, says no policy impact
RE
07/29SCHWEIZERISCHE NATIONALBANK : Interim results of the Swiss National Bank as at 30 June 202..
PU
07/28Swiss National Bank reiterates it can act at any time if needed
RE
07/21Danish central bank raises key interest rate in wake of ECB hike
RE
07/17Swiss National Bank Likely to Roll Out at Least Half-point Rate Increase in September
MT
More news
Analyst Recommendations on SCHWEIZERISCHE NATIONALBANK
More recommendations
Financials
Sales 2021 26 682 M 28 374 M 28 374 M
Net income 2021 26 300 M 27 967 M 27 967 M
Net cash 2021 18 424 M 19 592 M 19 592 M
P/E ratio 2021 0,02x
Yield 2021 0,29%
Capitalization 590 M 627 M 627 M
EV / Sales 2020 -1,03x
EV / Sales 2021 -0,67x
Nbr of Employees 869
Free-Float 76,7%
Chart SCHWEIZERISCHE NATIONALBANK
Duration : Period :
Schweizerische Nationalbank Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SCHWEIZERISCHE NATIONALBANK
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Managers and Directors
Thomas Jakob Ulrich Jordan Chairman-Governing Board
Barbara Janom Steiner Chairman-Bank Council
Philippe Landucci Director-Information Technology
Sébastien Kraenzlin Director-Banking Operations
Sabine Wey Assistant Director-Compliance
Sector and Competitors