SNB sells $800m of currency after decade of buying in ’22

Bloomberg

The Swiss National Bank (SNB) made its first significant reduction of other currencies in more than a decade to shore up the franc as a firewall against imported inflation.
The central bank cut its holdings of other foreign exchange by 739 million francs ($800 million) in the third quarter, following a 5 million-franc drop in the previous three-month period.
After years of trying to rein in the strength of the Swiss currency, the SNB has now switched policy to use it as buffer against rampant global inflation. The franc traded above parity against the euro for most of the last six months and forward contracts suggest it will stay in that range in the foreseeable future.
According to calculations by Maxime Botteron, an economist at Credit Suisse, the SNB continued to trim its 790 billion-franc portfolio in the final quarter of the year, selling some 13 billion francs in October 2022 alone.