Less manna for the federal government and the cantons
In addition, the foreign exchange mountain is currently growing again. After the US Federal Reserve cut interest rates massively on Sunday evening, demand for Swiss francs should rise. That is, the SNB is currently buying dollars and euros on the foreign exchange market. In principle, it can do this indefinitely. By first creating Swiss francs out of nothing – she has this right SNB – and thus buys euros or dollars. This is how foreign exchange reserves grow.
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