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SNB End April Balance Sheet: SNB Forex Reserves Increased already in April
The End April Balance Sheet of the Swiss National Bank

The recent official money supply statistics did not show that the SNB was already buying Euros already in April. The end April balance sheet, however, made it clear that Forex reserves increased, whereas the central bank managed to reduce money supply till May 11th.

The trick was borrowing at the Swiss confederation and reducing money supply to local banks. The borrowing at the confederation is not included in the official money supply data.

On the other side the SNB could have made some Forex gains through its recent strategy to diversify into USD, GBP and JPY.

Details coming this weekend.

The views expressed are our own. Follow us on Twitter.
For anybody interested in more details on the Swiss Franc see our February paper
George Dorgan, Fixed Income and Global Macro Portfolio Manager, Switzerland, formerly UBS analyst


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