Swiss National Bank bought 1.2 billion francs in 2024

The Swiss National Bank reported on Tuesday that it bought foreign currency worth 1.2 billion Swiss francs, or about $1.36 billion, in 2024. This marks a significant decrease in currency interventions compared to previous years. In 2023, the bank sold 132.9 billion francs in foreign currency. This effort was aimed at strengthening the Swiss franc to protect against rising import prices. The central bank had focused on selling foreign currency to tighten monetary conditions in 2022 and 2023. The new strategy appears to have worked. Swiss inflation fell to 1.1% in 2024, which is within the central bank's target range of 0-2% for annual price rises. The Swiss National Bank will announce its next monetary policy decisions on Thursday.