SNB Unloads Francs to Counter Haven Effect

The Swiss National Bank (SNB) continued to sell francs in the second quarter of this year, intervening against a stronger currency. The bank purchased foreign exchange worth CHF1.4 billion ($1.7 billion) from April through June.

This is down from the CHF3.9 billion it bought in the first three months of the year, suggesting officials were forced to offset continued haven flows into Switzerland triggered by the Iran war in the period.