The figure was a massive increase from 22.3 billion francs in foreign currencies sold by the SNB in 2022, when the bank started selling off some of its huge foreign currency holdings. The SNB’s strategy has paid off, with Swiss inflation within its 0-2% target range for last nine months.
ZURICH – The Swiss National Bank sold foreign currency worth 132.9 billion Swiss francs ($149.51 billion) in 2023, the central bank said on Tuesday, showing its increased emphasis on supporting the Swiss franc as a shield against imported inflation.
The figure was a massive increase from 22.3 billion francs in foreign currencies sold by the SNB in 2022, when the bank started selling off some of its huge foreign currency holdings.
The SNB’s strategy has paid off, with Swiss inflation within its 0-2% target range for last nine months ($1 = 0.8889 Swiss francs)
