SNB spent $19.6 billion maintaining minimum exchange rate

swiss-national-bank-zurich

The Swiss National Bank today (March 8) published its accountability report for 2011. In it, the central bank revealed it purchased foreign currency to a value of about Sfr17.8 billion ($19.6 billion) to maintain the minimum exchange rate against the euro and "combat the massive overvaluation of the Swiss franc".

The central bank said the purchases were made with a "wide range of counterparties in Switzerland and abroad".

The SNB also confirmed a profit of Sfr13.5 billion francs in 2011, even

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