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. +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 ...
