SNB Reserves Hit Record Low

SNB

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.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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