61340 Vorabseiten_e - Unabhängige Expertenkommission Schweiz

Table 5: Gold purchases and sales by the SNB,
1 September 1939–30 June 1945 (in million francs)
I. Initial balance 2860.2
Purchases Sales Net
II. Axis powers
II/1. Germany 1231.1 19.5 1211.6
II/2. Italy 150.1 0.0 150.1
II/3. Japan 0.0 5.0 –5.0
Total 1381.2 24.5 1356.8
III. Allies
III/1. USA 2242.9 714.3 1528.7
III/2. Great Britain 668.6 0.0 668.6
III/3. Canada 65.3 0.0 65.3
Total 2976.8 714.3 2262.5
IV. Others – net purchasers
IV/1. Portugal 85.1 536.6 –451.5
IV/2. Spain 0.0 185.1 –185.1
IV/3. Romania 9.8 112.1 –102.3
IV/4. Hungary 0.0 16.3 –16.3
IV/5. Slovakia 0.0 11.3 –11.3
IV/6. Turkey 0.0 14.8 –14.8
Total 94.9 876.2 –781.4
V. Others – net sellers
V/1. Argentina 32.7 0.0 32.7
V/2. France 193.2 0.0 193.2
V/3. Greece 0.5 0.0 0.5
V/4. Sweden 77.5 3.0 74.5
Total 303.8 3.0 300.9
VI. Various
V/1. BIS 61.5 18.3 43.2
V/2. Market 71.6 667.8 –596.2
V/3. Confederation 269.3 1087.9 –818.6
V/4. Federal Mint 42.5 45.8 –3.3
Total 444.9 1819.8 –1374.9
VII. Total Purchases/Sales 5201.6 3437.7 1763.9
VIII. Differences –1.2
IX. Final balance 4622.9
Source: ICE, Goldtransaktionen, 2002 (Publications of the ICE), p. 56
where the US currency was traded at a lower rate, sometimes producing marked
dollar slumps. As Swiss exporters tended to transfer their dollar receipts
through the SNB at the official exchange rate while importers generally
exploited the weakness of the dollar in the unofficial market, price distortions
arose in international trade. In order to avoid these problems, controlled
management of dollar holdings was introduced in autumn 1941. This estab-
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