• By admin
• 14 September, 2023

In a bold move to curb imported inflation and support national currency stability, the Swiss National Bank (SNB) sold 132.9 billion Swiss francs worth of foreign currencies in 2023—up from just 22.3 billion in 2022. This substantial increase in intervention successfully reinforced the Swiss franc, keeping inflation consistently within its 0–2% target for nine months, and maintaining a robust safe‑haven appeal throughout the year reuters.com.

The SNB’s coordinated action helped:

• Prevent a real‑term weakening of the CHF, solidifying its position as one of the top‑performing major currencies of the year.

• Tighten domestic monetary conditions in a controlled manner.

• Deliver confidence to global investors during a volatile macroeconomic environment reuters.com.

📝 Summary (Ideal for your forex insights section)

• SNB deployed ~133 billion CHF in FX sales during 2023 to manage inflation and support the franc.

• Maintained inflation within target range for most of the year.

• Reinforced the Swiss franc’s safe‑haven status, contributing to its standout performance in currency markets.