RTTNews - The Swiss National Bank on Tuesday raised its foreign currency holdings to a level that is reportedly the highest in at least 12 years to weaken franc.
The central bank raised its total foreign currency holdings to CHF 81.7 billion in the second quarter from CHF 55.9 billion in the first quarter.
A strong franc led to a collapse in Swiss exports and caused deflationary fears in the economy. The central bank in March initiated buying foreign currencies to ease the strength of franc.
The central bank's dollar holdings increased to USD 19.9 billion from USD 13.17 billion and euro holdings soared to EUR 32 billion from EUR 20.3 billion.
Currency holdings in yen totaled JPY 426.7 billion in the second quarter, up from JPY 373.8 billion in the first quarter, while that in British pound stood almost unchanged at GBP 2.9 billion.
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