3 responses

  1. Julien

    As your graphs show here, from Q2 2012 to Q3 2012 the share of EUR reserves went from 60% to 48% and the share of USD reserves from 22 to 28%. If you look at quarterly data on 2012-2016 you also have sometimes this “strange phenomenon”, namely increases in USD total holdings and a decrase in EUR total holdings. I can’t get this.
    The SNB has only been intervening in the EUR/CHF market since 2012, hasn’t it ? To my view it makes no sense for the SNB to buy dollars to prevent the CHF from appreciating towards the EUR. so at the end why didn’t the share of USD holdings decrase to very low level (since the total holdings increased and the USD holdings theoretically remained similar)…? I find it very counter-intuitive that it even increased. I guess valuation effects can’t be that high.

    Thanks for your sharing your expertise here if you have any idea on this.


  2. Julien

    ok got it, the SNB sold EUR for USD when EUR/USD was high. Quite weird to my view though to see that the SNB “bet” as you said, I mean why not selling EUR for CHF then if as a public institution you can afford reducing your EUR portfolio (I read from you they did it from 2011Q4 to 2012Q1) instead of taking risks.


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