SNB bought CHF5.2 billion worth of foreign currency in 2025
The Swiss National Bank (SNB) intervened relatively little in the foreign exchange market last year. Only after US President Donald Trump's Liberation Day at the beginning of the second quarter did the monetary authorities buy foreign currency on a large scale.
Select your language
Generated with artificial intelligence.
Listening:
SNB bought CHF5.2 billion worth of foreign currency in 2025
+Get the most important news from Switzerland in your inbox
In 2025 as a whole, foreign currency purchases totalled CHF5.2 billion ($6.6 billion), as can be seen from the SNB Annual Report published on Tuesday. As is already known, the figure for the first three quarters was just under CHF5.2 billion, meaning that no or only insignificant foreign currency purchases were made in the fourth quarter. The SNB will not announce the exact amount for the fourth quarter until the end of the month.
Most of the interventions took place in the second quarter, totalling just under CHF5.1 billion. In the wake of Donald Trump’s Liberation Day with the announcement of high tariffs for many countries, the US dollar came under strong pressure and the Swiss franc rose significantly in return. In this environment, the SNB intervened to at least dampen the rise of the franc.
Foreign currency purchases are fundamentally sensitive for Switzerland for political reasons. The US has repeatedly branded Switzerland as a currency manipulator, which is undesirable in the context of the ongoing negotiations on a customs agreement between Switzerland and the US.
More
US launches trade investigation against Switzerland
Adapted from German by AI/ts
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
External Content
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
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.