The Swiss National Bank (SNB) purchased foreign currency equivalent to CHF3.94 billion between January and March. This is evident from statistics on the SNB’s foreign exchange transactions published on Tuesday. The central bank announces its interventions for a given quarter at the end of the following quarter. The SNB does not comment on its own actions in the foreign exchange market. At the most recent monetary policy assessment, the wording regarding its readiness to intervene in the foreign exchange market was slightly adjusted. The central bank is now prepared to intervene to a greater extent “if necessary”. In the final quarter of 2025, the SNB sold foreign exchange for the first time in two years, albeit on a small scale of CHF6 million. Over the course of 2025 as a whole, however, just under CHF5.3 billion of foreign exchange was purchased. In particular, the central bank intervened on a larger scale following US president Donald Trump’s ‘Liberation Day’ at the start of the …