SNB Reserves Growth Slows Sharply After Summer Surge

The Swiss National Bank (SNB) has reported a third consecutive monthly increase in its foreign-currency reserves, but at a much slower pace. The reserves rose from CHF 768.1 billion in July to CHF 770.1 billion in August, marking a gain of just CHF 1.9 billion.

This growth is a far cry from the larger increases seen earlier this summer, when the reserves jumped by CHF 48 billion in June and CHF 9.3 billion in July. The SNB notes that the latest figures are provisional, with a full valuation of all balance-sheet items taking place only at quarter-end.

The data also show that gold holdings provided the largest increase, rising from CHF 109.4 billion to CHF 119.5 billion in August. However, the SNB cautions against interpreting these figures as evidence of fresh currency intervention.