SNB taking outsized risk in equities in challenging environment, says board official

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The Swiss National Bank (SNB) has a current portfolio of 12% of its almost Sfr500 billion ($527 billion) reserves invested in global equities, a level that is far higher than is optimal to meet its stated diversification aims, according to Fritz Zurbrügg, a member of the SNB's governing board. Zurbrügg added that managing the Swiss central bank's rapidly swelling reserves is "a major challenge".

The Swiss central bank was viewed as a pioneer among Western central banks when it decided in 2004 to

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