Swiss foreign reserves rose to another record (CHF 429.3bn) at the end of September as depositors once again moved funds out of the Eurozone (discussed here). This increase in reserves corresponded to about a CHF20bn increase in Swiss deposits - as would be expected under the capital flight scenario. The ECB's latest actions certainly have reduced the pace of capital outflows (by lowering the risk of re-denomination due to Eurozone's breakup), but the central bank so far has failed to stem outflows altogether.
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| SNB foreign exchange reserves (CHF MM) |
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