- Domestic sight deposits CHF 424.4 bn vs CHF 428.1 bn prior
I wouldn’t say this is to do with the SNB stopping intervention to weaken the franc, as their take on the currency is in fact the opposite. But this looks more to do with the lower threshold of remuneration on sight deposits kicking into effect from 1 February here. The change means more banks will see their reserves pinned at 0% interest, providing less of an incentive to borrow money from the SNB via repo operations. As Swiss banks borrow less and pay back any outstanding owed to the SNB, the sight deposits will fall as such. That’s one consideration for the recent drop at least.
This article was written by Justin Low at www.forexlive.com.
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