SNB Foreign Currency Purchases Slow to 1.44 Billion Francs in Q2

The Swiss National Bank (SNB) scaled back its foreign currency interventions in the second quarter of 2026, purchasing 1.44 billion Swiss francs ($1.73 billion) to manage the franc's strength. The figure, released by the central bank on Wednesday, marks a significant slowdown from the previous quarter.

Pace of Purchases Declines

The Q2 intervention represents a sharp decline from the 3.94 billion francs in foreign currency the SNB bought in the first quarter of 2026. This reduction in the pace of purchases could indicate that upward pressure on the safe-haven franc has moderated since earlier in the year when geopolitical tensions increased.

Key intervention figures reported by the SNB include:

• Q2 2026 Purchases: 1.44 billion CHF
• Q1 2026 Purchases: 3.94 billion CHF

Ad

Policy and Market Context

The SNB's interventions are a core part of its monetary policy, aimed at preventing excessive appreciation of the Swiss franc, which can harm the country's export-dependent economy. The franc is often sought by investors during times of global uncertainty, putting upward pressure on its value.

The central bank has previously stated it has an "increased willingness" to act in foreign exchange markets, a stance it adopted following the onset of the Middle East conflict. For investors, the continued, albeit slower, intervention signals that the SNB remains a significant force in the currency market, committed to preventing rapid gains in the franc.