Zurich, March 18 (Reuters) - The Swiss National Bank reported that it purchased foreign currency amounting to 1.2 billion Swiss francs ($1.36 billion) in 2024. This significant reduction in interventions came after successfully controlling inflation.
This contrasted with the 132.9 billion Swiss francs in foreign currencies sold by the SNB in 2023, as part of efforts to strengthen the franc to mitigate imported price increases.
"In 2022 and 2023, the SNB sold foreign currency to tighten monetary conditions; however, in December 2023, it announced a shift away from such sales," stated the SNB.
This shift proved effective, with Swiss inflation reaching 1.1% in 2024, aligning with the central bank's target range for annual price increases of 0-2%.
The upcoming monetary policy decisions from the central bank are scheduled to be announced on Thursday.
($1 = 0.8814 Swiss francs)