SNB’s IMF data

This link on the SNB website shows the data the central bank provides to the International Monetary Fund (IMF). It indicates the SNB Forex and gold reserves in the last month. The data delivery is called “IMF Special Data Dissemination Standard (SNB Data)”

It is released together with the international investment position, some monetary aggregates and the balance of payments. It is transmitted to the International Monetary Fund and disclosed to the public. Again there is an archive. So one can compare the change from month to month.

Latest Data December 2012:

January 08, 2013: IMF Data

SNB Reserves December 2012 according IMF data (source SNB)

The currency reserves for November 2012 were revised upwards.

Previous SNB release of IMF data

September October IMF Data

Money Supply: 4 billion less sight deposits since the third quarter, SNB buying francs

Based on weekly monetary data, sight deposits decreased by 4 billion francs since the end of September, a tendency that intensified in the last two weeks of December. The December balance of sight deposits is equally smaller by 4 billion CHF, partially neutralized by 2 billion more bank notes and 1 billion less debt vs. the Swiss confederation (November balance sheet SNB). This gives a total of three billion less liabilities.

Since the EUR/CHF exchange rate did not change a lot, it seems obvious that the SNB recently switched to buying francs again.

SNB Losses in Q4 2012

We obtain a total of three billion less liabilities, 4.8 billion smaller gold positions and 2.8 billion CHF smaller currency positions. Against the 3 billion less liabilities, this gives a total of 4.6 billion francs losses in Q4.

SNB Losses in November 2012: 1.5 billion francs

The central bank does not employ swaps and repos, according to the IMF “reserves not readily available” to reduce liquidity, which could distort the picture. Like for any other firm, lower assets and higher liabilities simply means that the SNB has lost three (after the data revision above) 1.2 billion of equity. Based on weekly monetary data, sight deposits at the central bank rose by 800 million francs between November 2 and November 30.

Sight deposits and bank notes are SNB liabilities, gold and foreign currency reserves are assets, more details here.

Our simple calculation proved to be right when the balance sheet was published.

SNB balance sheet November 2012 (source SNB)

SNB Losses in October 2012: 5.4 billion francs

Already in October the SNB equity fell by 5.4 billion francs, see the equity position above.

Gains in Q3/2012

Thanks to the unified money printing of major central banks, the gold price and the euro strongly increased during the third quarter. Consequently, the SNB could increase its equity by nearly 10 billion francs.