SNB Refrained From FX Interventions After No-Manipulation Pledge

The Swiss National Bank largely kept out of currency markets in the final three months of 2025, avoiding interventions after it promised to the US not to steer the franc for an economic advantage.

Switzerland’s central bank purchased foreign exchange worth 5.2 billion francs ($6.6 billion) in 2025, according to its annual report published on Tuesday. While it didn’t spell out individual quarters, it already had an intervention tally of 5.182 billion francs after nine months. That suggests it didn’t buy or sell in a significant way for the remainder of the year.