Swiss FX reserves back at a record high

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Switzerland’s foreign exchange reserves have hit a fresh record high after two months of declines, according to figures released by the Swiss National Bank on Tuesday.

The country’s stockpile of foreign currencies rose to SFr668bn ($660bn) in February, a rise of more than SFr24bn from the previous month.

The rise marks a return to the general trend of increasing foreign exchange reserves in Switzerland after they took a dip in January and December, and signals that the central bank is pushing back against adverse strength in its currency, which gains in times of stress.

Last year’s Brexit vote, the election of Donald Trump and the current wave of political stress in the European Union have all provided triggers for strength in the franc.

The euro fell 0.4 per cent against the franc in February to SFr1.064 while the franc fell 1.6 per cent against the dollar to parity at SFr1.

* Chart from Bloomberg

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