SNB: foreign reserves jumped another time

With the reliability of a finely-tuned watch, the latest release of foreign-currency reserves held at the Swiss National Bank has shown yet another record, in a sign the central bank continues to swim against the tide. The foreign exchange reserves jumped by nearly 15 billion Swiss francs ($14.93 billion) in March.

The SNB held 683.181 billion francs worth of foreign currency at the end of March, compared with 668.332 billion francs in February, revised from an originally reported 668.18 billion, preliminary data calculated according to the standards of the International Monetary Fund showed.
The franc fell to about 1.07 francs to the euro after the data release, which followed news of U.S. missile strikes against an airbase in Syria that prompted inflows into assets considered safe havens.     

SNB Governing Board member Andrea Maechler said last month the franc remained significantly over-valued and that the central bank cannot tighten monetary policy before other countries, forecasting the global low-rate environment would continue for some time amid heightened uncertainty.