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Maxime Botteron Profile picture
Maxime Botteron
@maximebotteron
Posts are in a personal capacity only. Senior Economist @CreditSuisse. 🇨🇭 monetary policy & money market.
Oct 13, 2022 • 6 tweets • 2 min read
A lot of discussion currently about banks in Switzerland borrowing #USD from the @SNB_BNS. In short, banks are simply exploiting an trade opportunity here, There is in my view no liquidity issue. Quick explanation 👇 1/n Yesterday, 15 banks borrowed over USD 6 bn for one week from the SNB at a cost of 3.33%. The ultimate goal of banks here is to borrow Swiss francs at an attractive interest rate and earn an income in lending this francs at a higher rate. 2/n
snb.ch/en/mmr/referen…