Reuters: Swiss National Bank reintroduces repos to steer interest rate

The Swiss National Bank has started injecting money into the country’s banking system to steer interest rates downwards, the first time it has used the tool in more than seven years.

The SNB had 6.5 billion Swiss francs ($6.72 billion)in repo claims on its balance sheet in December, the highest figure since April 2012, according to balance sheet information published on Friday.

The increase could explain the recent rise in sight deposits – cash that commercial banks park with the SNB overnight – which have risen in recent weeks as commercial bank reserves grew.

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