In 2024, the Swiss central bank again acted as a buyer of foreign currencies, having sold holdings on a large scale in 2023.
Over the year as a whole, foreign currency purchases totalled CHF1.2 billion, as can be seen in the SNB’s annual report published on Tuesday. Purchases slowed down in the final quarter.
From January to September 2024, the SNB purchased foreign currency totalling CHF1.1 billion, according to the quarterly figures already published, most of this in the third quarter.
From seller to buyer
In 2023, the SNB was still a large-scale seller of foreign currencies: In the year as a whole, it sold foreign currencies worth the equivalent of CHF132.9 billion.
By reducing its foreign currency reserves, the monetary authorities wanted to strengthen the franc and keep imported inflation low, which had shot up after the end of the coronavirus pandemic and the outbreak of the war in Ukraine.
However, inflation has since calmed down and is now clearly back within the targeted range of between 0 and 2%. In the course of 2024, the monetary authorities therefore lowered the key interest rate in several steps to a level of 0.5%.
According to the expectations of the majority of economists, they are now likely to make a further rate cut this week.
This content was published on
Switzerland’s central bank is about to take another cliffhanger decision as officials weigh whether to use up one of their last interest-rate cuts before reaching zero.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to english@swissinfo.ch.
Popular Stories
More
Climate change
The international consequences of a glacier-free Switzerland
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
Trains resume service to Swiss ski resort Zermatt after heavy snowfall
This content was published on
Zermatt can once again be reached by train starting Saturday afternoon. The Alpine holiday resort was inaccessible by land for some time after heavy snowfall last Thursday.
Authorities urge vigilance after heavy snowfall in southern Switzerland
This content was published on
Vigilance remains the order of the day in the southern canton of Valais, despite a stable situation after heavy snow on Thursday, authorities said on Saturday.
Switzerland won’t be spared drug violence: criminal police head
This content was published on
It is only a matter of time before Switzerland, like other countries in Europe, experiences an escalation in drug-related violence, says the head of the Federal Criminal Police.
Handful of Swiss Easter processions take place after inclement weather
This content was published on
Traditional Good Friday processions continue to take place in some municipalities in Switzerland. In Romont, canton Fribourg, for example, the "Pleureuses" marched through the streets.
Great St. Bernard pass between Switzerland and Italy closed due to avalanche
This content was published on
An avalanche forced the closure of the Great St. Bernard pass between Switzerland and Italy on Thursday. The route remains closed to Easter traffic.
‘Pressure will increase on Switzerland to invest more in defence’
This content was published on
Markus Mäder, Switzerland's state secretary for security policy, believes that more cooperation is needed in order to strengthen defence in Europe.
Just one in five Swiss attend a religious service at Easter
This content was published on
Only one in five people in Switzerland attend a religious service during the Easter period or give up meat or alcohol for at least one day of fasting. Around 25% of those polled see Easter primarily as a family holiday, according to the survey.
Major road disruptions continue after heavy snowfall in parts of Switzerland
This content was published on
The snowfall has ended in the southern Swiss canton of Valais, the cantonal emergency services said on Friday. Several roads, however, remain closed.
Swiss businessman gets prison term for asbestos deaths
This content was published on
Stephan Schmidheiny has been sentenced to 9 years and 6 months in prison by the Turin Court of Appeal in a case against the former Eternit executive over deaths linked to asbestos exposure in Italy.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.