Swiss National Bank sold CHF 132.9bn foreign currency in 2023 to support Swiss franc and combat imported inflation.
Swiss National Bank (SNB) sold CHF 132.9bn ($149.51bn) foreign currency in 2023, up from CHF 22.3bn in 2022, to support the Swiss franc and combat imported inflation. The bank's strategy has helped maintain Swiss inflation within its 0-2% target range for nine months. The SNB will no longer focus on foreign currency sales after achieving its goal and will announce its next monetary policy decisions on Thursday.
March 19, 2024
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