(Bloomberg) -- The Swiss National Bank said it will boost the number of members in its Singapore office to help manage its foreign-currency reserves across time zones.
The central bank’s only foreign outpost will be staffed by 11 employees as of August, an SNB spokeswoman said Tuesday, confirming an earlier Finews report. The increased office size is initially for a two-year test period, she said.
The SNB has had a Singapore branch since 2013 to allow round-the-clock foreign-exchange operations. Years of stopping the franc from appreciating means that the central bank has a huge stockpile of foreign-currency reserves. It started reducing that load last year and held 732.2 billion francs ($809 billion) worth as of the end of April.
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