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SNB’s Franc Dilemma May Force Intervention Even After $36 Billion Losses
Switzerland’s central bank may be forced to resume currency interventions for the first time in more than a year in a move that could burden it with billions of francs in further losses. Officials led by Swiss National Bank President Philipp Hildebrand face a choice between allowing the currency to extend record gains or seeking to mitigate its impact on the economy. Any intervention risks exacerbating the central bank’s accumulated loss of $36 billion in the 1 1/2 years through June. “They’re caught between a rock and a hard place,” said David Marmet, an economist at Zuercher Kantonalbank in Zurich. “But ... (full story)