The Swiss National Bank's foreign exchange reserves increased to 531. 8 billion Swiss francs in July from 516. 0 billion francs in June.

The increase was partly driven by the appreciation of the euro. The SNB intervention could also be a reason.

The central bank has discontinued the 1.20 per euro exchange rate floor on January 15th.

The SNB President Thomas Jordan said on June 29 that the Greek debt crisis was the reason for the discontinuation of the cap.