ZURICH (Reuters) – The Swiss National Bank has raised billions of dollars in recent weeks using a currency swap agreement with the U.S. Federal Reserve.
More than $11 billion was taken from currency exchange facilities this week, according to New York Fed data released Wednesday.
It withdrew about $6.3 billion last week and $3.1 billion the week before.
The three deals are more than the one raised by the Swiss National Bank in the spring of 2020, when dollars were given to central banks by the Fed in the wake of the early market turmoil of the coronavirus pandemic.
The Swiss National Bank did not comment on the results of this week’s dollar supply auction, which had 17 bids.
The Fed has signed permanent currency swap agreements with the Swiss central bank, the European Central Bank (ECB), the Bank of England, the Bank of Japan and the Bank of Canada. The ECB raised $210.5 million this week, while the Bank of Japan raised $1 million.