SNB withdraws record sum from Fed’s swap line

Swiss central bank taps $11 billion but reasons for its operations are unclear

Swiss National Bank

The Swiss National Bank withdrew a record $11 billion from its standing dollar liquidity swap line with the US Federal Reserve last week.

This is the largest quantity the SNB has drawn from the facility since the beginning of the Covid-19 pandemic in March 2020. The previous week, it withdrew more than $6 billion, and the week before over $3 billion, according to data from the New York Fed.

It remains unclear why the SNB has increased its usage of the facility so steeply. No major shock has

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