Switzerland posts $11.90bln current account surplus in Q2

Increase was mainly due to a higher receipts surplus in the goods trade

  
A general view shows the eastern swiss Alps, Lake Zurich and the city of Zurich, Switzerland, April 8, 2021.

A general view shows the eastern swiss Alps, Lake Zurich and the city of Zurich, Switzerland, April 8, 2021.

REUTERS/Arnd Wiegmann

ZURICH - Switzerland ran a current account surplus of nearly 11 billion Swiss francs ($11.90 billion) during the second quarter, 7 billion francs higher than a year earlier, the Swiss National Bank said on Wednesday.

The increase was mainly due to a higher receipts surplus in the goods trade, the central bank said.

The figures showed the continued revival of the export-driven Swiss economy after last year's downturn caused by the coronavirus pandemic. During the first quarter, Switzerland posted a current account surplus of 16 billion Swiss francs.

During the second quarter, the acquisition of reserve assets - foreign currency purchases by the SNB - increased to 8.9 billion Swiss francs, up from 1.47 billion francs during the first quarter.

The figure showed the SNB had been more active in the foreign exchange markets, although the figure was still below the 57.2 billion franc increase in reserve assets during the second quarter of 2020.

The central bank is due to give its latest update on monetary policy on Thursday, where it is expected to reiterate its commitment to currency interventions where necessary, as well as negative interest rates.

 ($1 = 0.9242 Swiss francs)

(Reporting by John Revill; Editing by Kevin Liffey) ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net))


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