Swiss National Bank foreign-currency reserves rose from CHF 768.1bn in July to CHF 770.1bn in August, marking a third consecutive monthly increase. However, the rise slowed sharply to just CHF 1.9bn, compared with increases of CHF 9.3bn in July and CHF 48.0bn in June. Official reserve assets excluding gold holdings also edged higher, from CHF 780.2bn to CHF 782.1bn.
The composition showed a much larger move in the value of the SNB’s gold holdings, which increased from CHF 109.4bn to CHF 119.5bn in August. The SNB notes that the latest reserve figures are provisional and that a full valuation of all balance-sheet items is carried out only at quarter-end. Monthly movements can therefore reflect valuation effects as well as transactions, meaning the increase in foreign-currency reserves should not by itself be interpreted as evidence of fresh currency intervention.
The August data nevertheless show a clear moderation after the much larger reserve accumulation seen earlier in the summer. Foreign-currency reserves jumped from CHF 710.9bn in May to CHF 758.9bn in June, then rose to CHF 768.1bn in July before reaching CHF 770.1bn in August. For Swiss Franc markets, the latest release therefore provides little definitive new signal on SNB intervention: reserves are still rising, but the pace has slowed dramatically and the monthly data alone cannot distinguish active purchases from valuation changes.
Data Summary
| Indicator | August 2026 | July 2026 | Monthly Change |
|---|---|---|---|
| Foreign currency reserves | CHF 770.1bn | CHF 768.1bn | +CHF 1.9bn |
| Official reserve assets excluding gold | CHF 782.1bn | CHF 780.2bn | +CHF 1.9bn |
| Gold holdings | CHF 119.5bn | CHF 109.4bn | +CHF 10.1bn |
| IMF reserve position | CHF 1.66bn | CHF 1.66bn | -CHF 0.00bn |
| Special drawing rights | CHF 10.39bn | CHF 10.41bn | -CHF 0.02bn |
The latest data are provisional. The SNB notes that a full valuation of all balance-sheet items is carried out only at quarter-end.
Key Takeaways
- SNB foreign-currency reserves rose from CHF 768.1bn in July to CHF 770.1bn in August, marking a third consecutive monthly increase.
- The monthly gain slowed sharply to just CHF 1.9bn, after increases of CHF 9.3bn in July and CHF 48.0bn in June, showing that the earlier summer surge has lost substantial momentum.
- The data do not by themselves confirm fresh FX intervention. Monthly reserve values can also be affected by exchange-rate and asset-price valuation effects, while the August figures are provisional.
- Gold provided the much larger valuation move, with holdings rising from CHF 109.4bn to CHF 119.5bn in August.
