The Swiss National Bank’s decision to cap the franc’s gains against the euro was a big gamble.
However, the SNB’s interim results for the year to September, out today, show that – so far – it’s paying off. For the first time this year, the central bank is back in black. And that’s partly down to the cap.
The results also offer some clue as to the size of the SNB’s interventions into foreign exchange markets. Read more