SNB Reserves Hit Record Low

The Swiss National Bank’s reserves of foreign currencies plunged to all time low of 615.4 billion francs ($632 billion) in July, following the U.K. decision to leave the European Union in June.

According to the central bank, “the Swiss National Bank has intervened in the foreign exchange market to stabilize the situation and will remain active in that market,” the SNB said via e-mail. “Following the United Kingdom’s vote to leave the European Union, the Swiss franc came under upward pressure.”