SNB bought foreign currency totalling CHF 5.2 billion in 2025
Keystone-SDA
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.
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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.
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Adapted from German by AI/ts
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