Swiss National Bank sells nearly $800 mln in forex

The Swiss National Bank sold 739 million Swiss francs ($799.35 million) worth of foreign currencies during the third quarter of 2022, the central bank said on Friday, showing how its focus has switched from stemming the safe-haven currency's strength to fighting inflation.

Report informs via Reuters that the figure was an increase from the 5 million francs in foreign currencies the SNB sold during the second quarter of 2022, and continues its changed approach since it bought 353 billion francs of forex since 2015.

The SNB has instead recently been selling foreign currencies to strengthen the Swiss franc, whose high value has helped dampen inflation caused by more expensive imports.