Swiss National Bank cuts overnight deposits by 30 billion francs - recap

Data post is here from earlier:

• Swiss sight deposits of domestic banks fell for the week ended October 7

For a little more if you are interested, Reuters here.

• Last week's drop was the second biggest decline in sight deposits - cash of commercial banks held with the central bank - since weekly records began 11 years ago.
• It follows a 77.5 billion franc drop the week before and likely represents the SNB selling bills and repos into the market as part of its strategy to raise the Swiss Average Rate Overnight (SARON) towards the central bank's policy rate of 0.5%,