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Investing.com -- The Swiss National Bank (SNB) has announced on Tuesday a significant reduction in its foreign currency purchases for the year 2024.
The central bank reported that it bought foreign currency worth 1.2 billion Swiss francs ($1.36 billion) in 2024, a stark contrast to the previous year’s figures.
In 2023, the SNB sold 132.9 billion Swiss francs worth of foreign currencies.
The SNB’s actions over the past few years have seen a shift from selling foreign currency in 2022 and 2023 to tighten monetary conditions, to a reduced emphasis on foreign currency transactions in 2024.
This change in strategy reflects the bank’s evolving approach to managing monetary conditions and maintaining economic stability.
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