Switzerland posts decline in current account surplus
Monday, 29.06.2020
news-single-imgcaption" style="width:240px;">The evolution of transactions is mainly due to the exchange of services. (Keystone)
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The current account balance of Switzerland recorded in the first quarter a decline of 3 billion over a year to 17 billion francs, announced Monday the Swiss National Bank (SNB).
The change is mainly due to the exchange of services, particularly in license fees, telecommunications, IT and information services, as well as business services, detailed the issuing institute in a press release.
The transactions recorded in the financial account revealed a net acquisition of financial assets of 34 billion francs, mainly in monetary reserves, due to the purchases of foreign currency by the SNB.
At the same time, the statistics revealed a net increase in liabilities of 35 billion francs, mainly in other investments, the resident commercial banks having significantly increased their commitments to non-resident customers. The balance of the financial account, which includes derivatives, stood at -4 billion.
Switzerland’s net international investment position fell from 67 billion to 745 billion francs. Assets abroad decreased from 110 billion to 5,155 billion and liabilities to foreigners from 42 billion to 4411 billion. (AWP)
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