Economics
SNB Interventions Soared to $98 Billion as Virus Roiled Markets
- Swiss release quarterly intervention data for the first time
- SNB may be trying to head off U.S. pressure with publication
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The Swiss National Bank spent 90 billion francs ($98 billion) on interventions in the first half of 2020, the most in years, amid a market rout in the early days of the coronavirus pandemic.
The SNB was forced to step up its battle against the strong franc as investors drove the haven currency to the strongest level in five years against the euro. The activity means it spent more in just six months than in the previous three years combined.