The Swiss National Bank largely kept out of currency markets in the third quarter, avoiding interventions after Donald Trump’s tariffs had forced officials to sell francs in the previous period.
The SNB bought foreign exchange worth just 75 million francs ($95 million) in the three months through September, according to data published on Wednesday.
That’s in line with the level of interventions made by Switzerland’s central bank during an effective 15-month hiatus in market interactions through March. After Trump’s tariff onslaught in the spring, the SNB then pushed some 5 billion francs into circulation to mitigate a surge ...
