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Tuesday, 31 Mar 2020 02:00 pm

Switzerland’s Treasury to tap markets more to cushion the economic impact of the COVID-19 pandemic

“Over the course of this year, the Federal Finance Administration (FFA) will increase the outstanding volume of short-term money market instruments from around 6 billion Swiss francs ($6.24 billion) to 12 billion francs,” the treasury said in a statement on Tuesday.

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Switzerland’s treasury is stepping up its funding plans in response to government measures to cushion the economic impact of the COVID-19 pandemic, doubling the volume of outstanding short-term money market instruments.

“Over the course of this year, the Federal Finance Administration (FFA) will increase the outstanding volume of short-term money market instruments from around 6 billion Swiss francs ($6.24 billion) to 12 billion francs,” the treasury said in a statement on Tuesday.

“In addition, it will once again step up sales of its own Confederation bond holdings.”

The issuance calendar for Swiss government bonds remains unchanged, the treasury said, but it would step up sales of its own unplaced tranches to support liquidity in bond trading.

The finance ministry had originally said the government would not have to borrow fresh money immediately to fund a 32 billion Swiss franc economic support package it unveiled on March 20 for businesses hit by the epidemic.

The government has so far allocated 42 billion francs in all to help the export-driven economy through the crisis, the biggest economic aid package in Swiss history.

But Switzerland may once again have to expand its emergency fund for companies hit by coronavirus disruption, a government official said on Monday, after banks loaned out 6.6 billion Swiss francs in the first four days of the scheme, a third of the 20 billion francs originally planned.

The epidemic has killed around 300 people and sickened more than 15,000 in Switzerland.

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Tags Switzerland Economic COVID-19 Pandemic Federal Finance Administration (FFA) Finance Epidemic

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


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