BUSINESS
08/17/2011 03:48 EDT | Updated 10/16/2011 05:12 EDT

Swiss National Bank boosts liquidity to counter the strong franc, expands deposits

GENEVA - The Swiss National Bank has intensified its measures against the strong franc by boosting the supply of the currency in the money markets.

The SNB said Wednesday it would immediately expand the deposits of banks held at the central bank further, from 120 billion Swiss francs to 200 billion, as the currency "remains massively overvalued" despite previous efforts.

The central bank also said it "will, if necessary, take further measures" to counter the franc's strength, which has largely been buoyed of late by its status as a safe haven for investors to park their cash in times of financial turbulence.