Switzerland

A wolf pack has formed in the Swiss National Park in the Engadine for the first time in over a hundred years.

Young wolves were snapped by camera traps that the national park set up specifically to search for them.

“The first indications of the presence of young wolves in the national park were destroyed insect traps that showed clear signs of browsing,” the national park announced on Wednesday. Researchers then installed several camera traps to identify the perpetrators.

“The images now clearly show that young wolves were at work,” wrote the national park. Deer and chamois that had been killed by wolves have also recently been found in the area where these photos were taken.

The wolf pack was christened “Fuorn”. It is the 13th pack recorded in canton Graubünden. According to the photos, at least four young wolves belong to the pack, as Hans Lozza, head of communications for the national park, explained upon request.

“We are pleased that the biodiversity in the Swiss National Park is being expanded to include an important species,” said Lozza. This brings us one step closer to the basic idea of ​​the national park, which is to let nature take care of itself.

It is still unclear which pair of wolves founded the pack. The female wolf F18 has been roaming through the national park area since the end of 2016, but there have been no offspring.

Since October 2022, park employees and the cantonal wildlife agency have repeatedly discovered traces of two wolves roaming together in the park and its surroundings. The two animals were also detected using camera traps. Only genetic analyses will show whether the female wolf F98 and the male wolf M312 are the parents of the young wolves.

The wolves find plenty of game in the park and there is little disruption, as visitors are only allowed to enter the protected area on the marked paths. The researchers at the national park now hope to document the effects of a wolf pack on the national park's ecosystem, which is hardly influenced by humans.

"We know the current situation in the national park very well. Now it will be exciting to see what changes the presence of a wolf pack cause," explained Head of Communications Lozza.

Snail farming should be defined as agriculture, and snails should be recognised as farm animals: the House of Representatives approved a motion with these demands against the will of the Federal Council with 146 votes to 31.

Now it's the turn of the Senate.

National Councillor Bruno Storni (SP/TI) submitted the motion because infrastructure construction for snail farming in agricultural zones cannot currently be approved, as he said in the council on Wednesday.

Snail farming is a clean and ecological branch of agriculture with great potential. In Italy, production has tripled in five years and sales have increased by €350 million (CHF334 million).

The Federal Council rejected the motion but will now submit an amendment to the responsible Senate Commission. Accordingly, only “smaller facilities” for snail farming in the agricultural zones should be approved.

Swiss prosecutors have issued a stay of proceedings suspending an investigation into the seizure last year of over 500kg of cocaine concealed in a container shipped from Brazil to the Nespresso factory in the town of Romont in western Switzerland.

Proceedings may be resumed if new facts emerge, the Office of the Attorney General of canton Fribourg said on Wednesday. It had opened an investigation in May 2022.

The cocaine was not destined for Nespresso, the office said. It was without the company's knowledge that the drug was introduced into the shipment, the statement said. “In all likelihood, the drugs should have been unloaded between Antwerp and Romont,” it said.

However, the operation could not be carried out for an unknown reason. The identification of the people involved in this transport has therefore remained fruitless to date.

Despite the stay of proceedings, investigations are still being carried out under the jurisdiction of the Brazilian judicial authorities.

The Swiss parliament has decided that in future solar panels must be installed on large roofs and façades. This obligation applies to new buildings with more than 300 square metres of chargeable area.

The House of Representatives decided this on Monday, as did the Senate. The majority of the Committee for the Environment, Spatial Planning and Energy had insisted on the general solar obligation for roofs and façades and also wanted to include large conversions but was defeated.

Energy Minister Albert Rösti had warned against the majority’s version and warned that the bill should have majority support. Parliamentarians are not yet in agreement on the solar obligation for parking spaces. The House of Representatives wants it for large areas, the Senate does not. The issue now returns to the Senate.

The environmental protection organisation WWF Switzerland has pressed its partner companies such as retailers Coop and Migros for more speed in environmental protection. Especially in the area of biodiversity, the WWF demanded more ambition.

The issue of biodiversity is treated "shabbily" by the majority of Swiss companies with which the WWF has entered into a partnership, it said in the press release on Tuesday.

The organisation speaks of two crises: global warming and the loss of biodiversity. Companies are paying attention to the former, for example by reducing greenhouse gases. However, the two influence each other, it added.

In order to make the value chain more sustainable and to finance environmental work, the WWF entered into a partnership with Swiss companies. In addition to Migros and Coop, these included retailers Lidl, milk producer Emmi and the health insurance company Swica.

Income through partnerships

The environmental protection organisation evaluates the cooperation annually. This year, it also praised the companies: Emmi had developed a catalogue of criteria to evaluate the sustainability of milk production. The Migros Group wants to bring its emissions to net zero by 2050 at the latest. Coop wants to use only raw materials without risks of deforestation for its own brands. Swica sponsored running events for environmental protection.

WWF Switzerland said it earned CHF8 million ($9 million) from the partnerships in the 2021/2022 business year. This corresponds to 15% of total income.

The relaxation of Switzerland’s Foreigners and Integration Law, which has been approved in principle by parliament, is once again in limbo. The Senate has changed its opinion on the bill and wants to send it back to the government for revision.

As recently as June the Senate had supported the bill, which is intended to contribute to the fight against the shortage of skilled workers. The House of Representatives had already approved it in March.

With this bill, the government wants to make it easier for people from non-EU and non-EFTA countries to obtain a work permit if they have a Swiss qualification at a higher level of education. These people must work in an industry with a shortage of skilled workers.

Their gainful employment must also be of “high scientific or economic interest” for Switzerland. In the Senate, however, politicians who said the bill did not conform with the constitution prevailed. On Tuesday, it approved the motion to reject the bill, which now goes back to the House of Representatives.

More than 1,000 acts of sexual abuse have been perpetrated by Catholic clerics and members of the Order since 1950 in Switzerland, according to an analysis conducted by historians from the University of Zurich.

“What has been discovered is only the tip of the iceberg,” the university said in a statement on Tuesday. The 1,002 cases of abuse that emerged from the study of the secret archives of church institutions are, however, more numerous than those reported by the Church so far.

The incidents detected concerned 510 offenders and 921 victims, who in 74% of cases were minors. With few exceptions, the crimes were committed by men; 54% of the victims were male.

Until the 2000s, most of the violence had been ignored, concealed or downplayed by Church leaders, according to the statement. The reactions of the religious institution began to change at the turn of this century.

The combined Federal Assembly met on Tuesday to celebrate the entry into force of the Federal Constitution exactly 175 years ago.

Shortly before noon, a ceremony began in the National Council Hall with music, speeches and humour.

National Council President Martin Candinas (centre/GR) opened proceedings before handing his chairman's bell to the comedian duo "Gilbert & Oleg". From then on, they led the event as “moderators”.

In addition to all Federal Council members, representatives of cantonal governments and ambassadors from neighboring countries also attended the ceremony, as the parliamentary services announced. The President of the Federal Court was also there.

In the middle of the hall, the original Federal Constitution, which is otherwise kept in the Federal Archives, was displayed in a case.

The anniversary offers the opportunity to celebrate the values ​​that have shaped united and democratic Switzerland over the last 175 years, the parliamentary services wrote in advance.

The defective false ceiling in the Gotthard road tunnel has been dismantled. The necessary work was completed on Tuesday morning, as the Federal Roads Office (FRO) announced.

According to a press release, the work is currently on track. The FRO continues to assess that the Gotthard road tunnel can be reopened to traffic this week.

Work is currently underway to secure the existing ceiling elements. Construction work will then begin to replace the defective false ceiling. A steel structure with the same cross-sectional area has been installed.

With this design, the functionality of the exhaust air duct can be guaranteed when the tunnel is put into operation. In the event of a fire, the smoke is extracted from the roadway via the exhaust air duct, writes the FRO.

The false ceiling suffered a technical defect over a length of 25 metres on Sunday afternoon.

The International Energy Agency (IEA) judges Switzerland’s energy policy as being on the right track but urged a faster pace of implementation.

An electricity agreement with the European Union (EU) would also strengthen the security of electricity supply in Switzerland and the EU.

The Swiss government and cantons must speed up the approval process for renewable energy generation plants and power grids, according to the latest IEA report on Switzerland, which was presented in Bern on Monday. The climate policy measures that will be effective from 2030 should also be defined as quickly as possible to best achieve the net zero emissions target by 2050.

According to the IEA, Switzerland could move faster by addressing three important bottlenecks with appropriate measures: a lack of qualified workers, to install heat pumps, for instance; a lengthy approval processes for renewable energy projects and inefficient supply chains for building materials and equipment for the energy sector.

The IEA welcomed measures that Switzerland has speedily implemented in in response to the global energy crisis, particularly the short-term shoring up of hydropower reserves and building new reserve power plants. The federal law on securing electricity supply with renewable energies, which is pending in parliament, has also been applauded.

Good marks are awarded for the solar and wind initiatives passed by parliament, which aim to swiftly complete Alpine solar power plants and wind turbines that are well advanced in the approval process. In addition, in June 2023, the Federal Council submitted to parliament a proposal to accelerate the planning approval process.

The IEA recommends that Switzerland align its electricity market regulations with those of the EU and conclude an electricity agreement. This would result in lower costs for Swiss consumers from services in the transmission network and strengthen both the security of electricity supply in Switzerland and among EU member states.

To ensure its gas supply, Switzerland needs a regulatory authority and a coordinating network company, the IEA states. The IEA also recommends that the federal government formulates national strategies for hydrogen, e-fuels and other renewable gases and examine what role these could play in sectors that are difficult to decarbonise. With this preparation, Switzerland could consider a later agreement on gas and hydrogen with the EU.

In nuclear energy, the IEA warns of a loss in know-how. Switzerland's gradual exit from nuclear power makes the sector unattractive for young skilled workers. This could have a negative impact on the long-term operation of existing nuclear power plants and Switzerland’s other nuclear activities.

Qualified workers are also needed for decommissioning, waste disposal and storage. The IEA recommends that Switzerland deepens cooperation with local communities near to geothermal projects.

The IEA reviews the energy policies of member states every five years. For the latest in-depth review, an international review team visited Switzerland from November 22 to 28, 2022, resulting in a 130-page report.

This year, the first trees were already turning brown at the end of August, several weeks earlier than usual. Repeated droughts and heat waves are putting them to the test.

Trees are turning brown earlier in the Jura mountains and on the western side of the Central Plateau, noted the Swiss Federal Institute for Forest, Snow and Landscape Research (WSL) on Monday. Early summer precipitation was below average.

The species most affected appear to be beech and hornbeam. Beech trees had already suffered significant damage from the droughts and heatwaves of 2018 and 2022. South of the Alps, the phenomenon mainly concerns lime and birch.

Lime and hornbeam trees have produced particularly large numbers of seeds this year, making them more vulnerable to drought. In addition, the ozone dose exceeds tolerable limits.

Many trees have turned brown without going through the usual stages of autumn coloration. This is problematic, as the coloring process normally allows trees to store nutrients.

While the phenomenon is not new, it is likely to become more pronounced as a result of global warming, WSL points out. It is also possible that some trees are keeping their foliage green for longer due to mild temperatures. These contrasts highlight the stress on forests.

It is still too early to say whether this phenomenon is affecting the whole of Europe.

The budget crisis at the International Committee of the Red Cross (ICRC) will continue into 2024.

The organisation announced in Geneva on Monday that it will have to cut around 270 additional posts at its headquarters and an as yet unknown number worldwide.

In total, the initial budget has been reduced to CHF2.1 billion ($2.36 billion), 13% less than the revised budget for this year. "The full impact will be known once our delegations have completed their budget planning," ICRC director-general Robert Mardini told the press.

This step is scheduled for November. "These decisions are unavoidable and painful", added Mr. Mardini, who will himself be stepping down in a few months' time at the end of his first term in the post. He noted the "paradox" between these difficulties and growing humanitarian needs.

The ICRC had already announced 1,800 redundancies among some 3,000 job cuts for this year, both at headquarters and in the various delegations.

As prices continue to rise, the Caritas charity organisation is welcoming more and more people into its stores, according to a Sunday article published by Sonntags Blick.

Each month, Caritas Switzerland counts 90,000 purchases, 12% more than in 2022, which was a record year. Debt counseling and individual assistance have also increased.

It takes longer for people in this situation to recover financially, notes Caritas, as inflation has been compounded by the coronavirus pandemic.

For the aid organisation, it is inevitable that families will fall below the poverty line in the current situation.

Caritas shops in Switzerland sell groceries at knock-down prices to help people who have less be able to afford food and other everyday items.

But a major takeover must make "scientific and financial sense", says the company's CEO, Thomas Schinecker.

Interviewed on Sunday in the NZZ am Sonntag, he says he does not want to speculate on figures.

Schinecker has been at the helm of the Basel-based group since March. The worst approach, he says, would be "for the new guy to come in and say this is how we do it". His task is to create the framework conditions so that changes can be implemented as quickly as possible, he adds. Highly innovative projects

He says he has noticed a potential for improvement in the quality of research projects. When it comes to highly innovative molecules, the pharmaceutical group is at the forefront, he explains. But "it's true that we also have a number of projects where we're only in the middle of the pack".

Future investments will therefore be geared more towards highly innovative projects, he continues, stressing that the most promising projects must also progress more rapidly.

Roche's three research centers in Basel, California and Japan will remain independent, according to the CEO, who does not envisage any reorganisation. "Such a measure would lead to insecurity among employees and paralyze the organization for years to come," he says.

The Swiss Bishops' Conference has ordered a preliminary investigation into accusations of sexual abuse cover-ups.

The Bishop of Chur, Mgr Joseph Bonnemain, has been appointed to lead the investigation, which should be completed by the end of the year.

Accusations were made in a letter "against several emeritus and serving members of the Swiss Bishops' Conference as well as other members of the clergy in the handling of cases of sexual abuse", the conference wrote in a statement released on Sunday. The missive also denounces sexual abuse committed by certain members in the past.

The letter, dated late May, was addressed to the Apostolic Nuncio in Switzerland, Martin Krebs. The investigation was ordered on June 23, according to the press release. It mainly concerns the accusation of concealing cases of abuse.

The aim of the investigation is to determine whether those responsible reacted correctly.

Investigations into alleged sexual offenses are primarily the responsibility of the police and public prosecutors, who have been informed of the cases mentioned in the letter, the text adds.

The Bishops' Conference sent the statement after SonntagsBlick made the accusations public. "I would have preferred to refuse Rome's mandate," says Bishop Bonnemain, interviewed by the German-language newspaper. Even though he feels bound to the other bishops, he says he wants to "try to find out the truth fully and accurately".

The Federal Department of Foreign Affairs (FDFA) has activated its crisis staff following the earthquake that struck Morocco Friday night.The team of eight experts is ready for action.

The authorities in the North African country have not yet responded to the offer of help, according to Keystone-SDA news agency.

Usually rescue and aid operations are activated only when a request is forwarded from the disaster-stricken country, FDFA spokesman Michael Steiner told the Swiss news agency.

No Swiss victims

The department is currently not aware of any Swiss victims, according to a statement on social media platform X (formerly Twitter). The Swiss embassy in Rabat is in contact with the relevant local authorities, Steiner indicated.

There are currently 2,545 Swiss citizens officially registered in Morocco. Separately, 102 are registered on the FDFA's Travel Admin mobile application as staying in the country.

According to Steiner, the FDFA helpline has received some inquiries. Helpline operators urged people seeking advice to follow the authorities' instructions, register on the Travel Admin app and contact tour operators and airlines.

Swiss President Alain Berset presented Switzerland's condolences to the families of the earthquake victims.

"Switzerland stands in solidarity with Morocco," he wrote on X. "Our thoughts are with the Moroccan men and women affected by this terrible earthquake."

Swiss Economics Minister Guy Parmelin calls on households to take responsibility for inflation, rising health insurance premiums and energy prices. There is no quick fix for the loss of purchasing power, he says.

"Everyone should ask themselves how they can contribute" to containing costs, adds Mr. Parmelin in an interview broadcast on Saturday by Schweiz am Wochenende.

Citing the example of health insurance premium reductions, he points the finger at the cantons. "Some cantons have not made sufficient use of their leeway to cushion the impact of premiums on their populations". As for individuals," continues the minister, "they have the opportunity to change health insurers and save money. Rent transparency?

When it comes to energy prices, the minister believes that the cantons and communes have a role to play: "They would have the power to say: 'We are only passing on part of the price increase to the population'". He says he is aware that investments are needed in the energy sector, however the owners of the companies also have a responsibility.

The minister considers that he can only act on rent increases. In his view, it would be conceivable to introduce a mandatory form at federal level to force landlords to publish the previous rent in the event of a change of tenancy.

Belarusian peace activist Olga Karatch is in favor of "normal" trade relations between Switzerland and Belarus. However, she agreed with Switzerland's sanctions against companies for military goods in an interview published by Swiss media group Tamedia.

"Normal" trade relations are an opportunity to obtain information about the situation in Belarus, Karatch said in the interview published Saturday. It would also create jobs outside the state economy.

The peace activist had been invited to Bern by the organisation PeaceWomen Across the Globe. The meeting discussed how the entry of Belarus into the Ukraine war could be prevented. Another topic was the joint fight against prison companies in Belarus that produce for the West. Little was known about the companies, Karatch said.

Switzerland adopted a tougher set of European Union sanctions against Belarus in August. Among other things, it banned exports of firearms and ammunition, as well as aerospace technology that could be used to build drones, for example. The new sanctions also included other so-called dual-use goods that are needed in both the civilian and military sectors.

Two climate activists from the group Renovate Switzerland movement glued themselves to the conductor's podium during a concert at the Lucerne Festival on Friday evening.

The conductor let them have their say and then continued the concert undisturbed.

The climate activists, aged 28 and 20, climbed onto the stage shortly before the end of the third movement, according to a satement by Renovate Switzerland.

They stuck their hands to the conductor's desk. The orchestra was not disturbed by the action at first, as a video on blick.ch showed. Complaints were heard from the audience.

The protest action took place on the the stage of the Lucerne Culture and Congress Centre as the Bavarian State Orchestra played Bruckner's Fourth Symphony.

Conductor Vladimir Jurowski made an agreement with the activists. They were allowed to make their message known, but had to let the orchestra continue playing the concert afterwards.

"Let them speak," Jurowski said to the angry audience, as the video showed. Applause was also heard. The activist spoke of a climate emergency that affected everyone.

Renovate Switzerland said this marked the fourth event the movement had disrupted this summer. The aim is to draw public attention to the dangers of climate change.

I have started a project that aims to simplify the trading of plants. It should also be entirely non-commercial, and as little data as possible will be collected about the users (postal code does not need to be provided, but it helps to search for nearby options). Your email address will only be revealed when you make an offer to someone. The other person can then respond to you if they wish.

Features:

• Create offers
• Search and filter offers (by title, postal code/distance)
• Create a wishlist
• Contact users via email
• Categories for offers
• German and English translations (lmk if you would like to translate to French or Italian)

Link to try it out: https://pflaenz.li/

The project is open-source: https://git.thisfro.ch/pflaenz.li/pflaenz.li

Maybe someone is interested in such a thing :)

I'm happy for any feedback!

The Swiss Trade Union Federation is calling for salary increases of 5% next year to cope with rising inflation and higher rents and health insurance premiums.

Despite a favourable economic situation, employers do not even want to compensate for the increase in prices, the trade union body told reporters in Bern on Friday.

High profit margins only serve to further increase the very high salaries and bonuses in Switzerland and to pay out dividends, it added.

While low and middle incomes have seen their real wages fall, the 50,000 people who earn at least CHF300,000 ($336,000) annually have benefited from higher wages and dividends, said Trade Union Federation chief economist Daniel Lampart.

Over 4,000 workers in Switzerland earn more than CHF1 million a year, he went on, almost three times more than 20 years ago. But if nothing changes, next year a couple with two children will earn around CHF3,000 less in real terms than in 2020.

Trade Union Federation President Pierre-Yves Maillard lamented that the Federal Council and parliament are refusing any reduction in the costs of the working population and that the government is maintaining its austerity projects.

“It feels like we're in the middle of an economic crisis, but it's not the case,” he declared. “The money is there; Switzerland produces an ever-increasing amount of wealth thanks to its workers. But it is more unfairly distributed than ever.”

In addition to a general salary increase of around 5% next year, the trade union body wants to see specific measures against increases in rents and health insurance premiums.

It also wants people who have completed an apprenticeship to earn at least CHF5,000 per month and that in collective bargaining agreements compensation for increases in prices once again becomes the rule.

The trade union body is planning a demonstration in Bern on September 16 to protest a fourth consecutive year of falling real wages.

Swiss International Air Lines (SWISS) wants to advance its sustainability goals with increased fares for domestic flights. Specifically, emissions from point-to-point connections between Zurich and Geneva will now be reduced via sustainable fuels.

The rest of the CO2 emissions generated by the flight will be offset by means of climate protection projects, the company said on Thursday. Local passengers can choose between an emission reduction of 20-50% using sustainable aviation fuel (SAF). The bottom line is that airline tickets are likely to become 5-20% more expensive, SWISS CEO Dieter Vranckx said on Thursday at a meeting with journalists in Kloten.

“In the medium and long term, flying will not become cheaper,” Vranckx said. He added that it remained to be seen how many of the 15,000-20,000 passengers affected would switch to the train.

In general, it has been possible on SWISS flights since February to pay a surcharge for a “green” fare with 20% CO2 reduction by SAF and 80% compensation through climate protection projects. However, according to the airline, this offer has so far only been used by around 3% of passengers.

No alternatives

Although the airline’s goals are ambitious and difficult to implement, it is sticking to its strategy, Vranckx continued. This is because there are still no electric, hybrid or hydrogen-powered aircraft on the market. “The fact that we have a completely new technology at the long-haul level is something I will not see again in my career and perhaps in my life,” he said.

Therefore, he said, CO2 offsetting projects implemented in cooperation with the Myclimate foundation are indispensable for the airline. “Offsetting is a piece of the puzzle for us. We will not achieve our goals without it.”

However, their effectiveness is controversial. A recent study by the federal technology institute ETH Zurich, for example, found that only 12% of the CO2 certificates sold would fulfil their promise.

By 2030, the Lufthansa subsidiary wants to halve the amount of CO2 emissions compared to 2019 and to show a CO2-neutral balance by 2050. To achieve this, SWISS is relying on new aircraft, synthetic fuels and technology in addition to green fares and offsets.

Some 30% of Swiss people have changed their everyday habits because of Swedish climate activist Greta Thunberg’s “Fridays for Future” movement, according to a study by the Swiss Federal Institute of Technology Lausanne (EPFL).

It examined the effects of the first climate strikes in Switzerland. The results showed “that people have become more aware of how their behaviour affects the environment”, wrote the lead author of the study, Livia Fritz, in the latest issue of the journal Sustainability Science.

According to the study, most of the perceived changes concerned transport, buying habits and recycling. For example, about a third of the respondents said they were now more likely to look for alternatives to driving to work. They would also look for local organic products, eat more vegetarian meals and choose holiday destinations closer to home so they do not have to fly.

Efforts had also been made to reduce waste – especially plastic waste. Most of those who found that they had changed their behaviour had already been sensitive to environmental issues before the movement and had higher levels of education.

For their study, the researchers conducted a survey of the Swiss population in October and November 2019, shortly after the peak of the climate strikes. The survey was conducted online among 1,206 people aged 18 to 74 living in the French- or German-speaking part of the country. The respondents were representative of the Swiss population as a whole in terms of gender and age. However, people with a higher level of education were overrepresented.

Healthcare costs will continue to rise next year, Health Minister Alain Berset has warned. Health insurers estimate that costs in 2024 will be higher than in the past, he added.

This year’s healthcare costs have already been higher than expected, Berset pointed out in an interview with Tamedia newspapers on Friday. Health insurers also lost CHF1.8 billion ($2 billion) on the financial markets last year, he added.

“It’s all going in the wrong direction,” said Berset, who will be leaving the government at the end of the year.

Health insurers have talked about an 8-9% rise in premiums for 2024.

He criticised the cantons and interest groups active in the healthcare sector for “helping each other to prevent cost-cutting reforms”. “Everyone is defending their share of the CHF45 billion cake,” he said. He also believes that the differences between cantonal subsidies aimed at reducing premiums are too great.

The government has only limited room for manoeuvre when it comes to healthcare, as it is a matter for the cantons to decide. The Covid pandemic has led to extraordinary costs, and insurers’ losses in 2022 have reduced reserves, he added.

As for Zurich Health Minister Natalie Rickli’s proposal to abolish compulsory health insurance, Berset is firmly opposed to it. “If we abolished it, we would have two-tier medicine,” he said.

The foreign exchange reserves held by the Swiss National Bank (SNB) have dropped further: they stood at CHF694 billion ($780 billion) at the end of August, CHF3.7 billion less than in July, when they had fallen by CHF27.1 billion.

Total reserves (excluding gold) fell from CHF711 billion to CHF707 billion, the SNB said on its website on Thursday. Fluctuations in the figures are not unusual and often have to do with developments in the currency markets. However, they can also be the result of monetary policy manoeuvres.

According to SNB statistics, the euro fell to CHF0.9582 at the end of August from CHF0.9606 at the end of July (-0.3%). During the same period, the US dollar rose to CHF0.8808 from CHF0.8707 ( 1.2%). The dollar and euro together account for almost 80% of foreign exchange reserves.