The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
The Swiss National Bank’s (SNB) portfolio of US equities rose to a record $141 billion as of December, reflecting a buoyant stock market.
Switzerland’s central bank has 20% of its reserves in stocks, and its filing to the Securities and Exchange Commission showed it owned shares in 2,490 companies as of December 31.
Notable holdings included Apple Inc., Amazon Inc. and even GameStop Corp., whose share price has seen wild swings in a face-off between retail investors and Wall Street professionals — prompting Treasury Secretary Janet Yellen to call for a review.
The SNB’s huge reserves have been generated by its foreign-exchange interventions, which it uses to tame appreciation pressure on the franc and fend off deflation. The US named Switzerland a currency manipulator last year. The SNB’s investments mirror indexes and are designed to serve the objectives of monetary policy rather than to generate
a profit.