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According to data released on Friday, the FX reserves at the Swiss National Bank (SNB) have climbed to SFr 615.4 billion. In July alone it grew by SFr 6.5 billion. After the UK referendum on June 23, in which majority of Britons voted to leave the European Union, SNB announced that it is intervening in the market to keep Swiss Franc stable amid an upward pressure on the Franc. Due to its safe haven status, Swiss Franc receives large inflows during the time of uncertainties.
The July gains in the FX reserves cannot be attributed to foreign currency appreciation. During this time Euro, dollar and the pound all have declined against the franc. Hence it can be calculated that SNB had been busy since the referendum.
The Swiss economy and its export sectors have suffered due to stronger Franc. In spite of the recovery in Europe, Swiss exports failed to gain alike and flows suggest that despite weakness in the Swiss manufacturing sector, safe haven flows likely to continue.
Only good news for SNB is that after sharp inflows since the referendum, flows have stabilized by mid of the month. Domestic sight deposits which are seen as a measure of SNB’s activity have grown by SFr 18 billion since the referendum but stabilized by the middle of the month.
