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The Swiss National Bank (SNB) significantly reduced its foreign currency interventions in 2024, purchasing just 1.2 billion Swiss francs ($1.36 billion) after selling 132.9 billion francs in 2023. The drastic shift reflects the SNB’s success in controlling inflation, which stood at 1.1% in 2024—well within its target range of 0-2%.
In 2022 and 2023, the SNB actively sold foreign currencies to strengthen the Swiss franc, mitigating the impact of imported inflation. However, following its December 2023 monetary policy review, the central bank shifted focus, signaling an end to large-scale foreign currency sales. This adjustment aligns with the SNB’s broader strategy of stabilizing the economy while ensuring optimal monetary conditions.
With inflation now under control, the SNB’s latest policy direction underscores confidence in the Swiss economy’s resilience. Investors and analysts eagerly await the bank’s next monetary policy decision, scheduled for Thursday.
