Mubasher: Switzerland’s foreign exchange reserves reached a new record high last month, as shown by the data of the the Swiss National Bank.
The bank’s foreign currency reserves increased by 1%, and totalled a record CHF 724.4 billion ($739 billion) in September.
The franc saw a decline against both the euro and the USD dollar last month, however, the franc remains strong, requiring the SNB to stick with its policy of negative rates and occasional interventions, said the Swiss National Bank’s president Thomas Jordan.
It is worth noting that Switzerland aims at keeping a lower rate for the franc on the short run to support exporting, and increase the competitiveness of its products in international markets.
