The Swiss National Bank (SNB) again stepped in to protect the franc. It accelerated its interventions on the currency market.

Between April and the end of June, its interventions on the foreign exchange market amounted to 5.44 billion francs. According to data published Thursday by the issuing institute, this sum is significantly more than the 296 million francs invested in the first quarter. But the volume of interventions varies greatly. At the end of last year, the Swiss central bank had thus intervened to the tune of 8.7 billion to protect the national currency from excessive inflation in the context of the coronavirus pandemic. The SNB regularly claims that the franc, a safe haven valued by investors, is too expensive. Since the start of the year, the franc has strengthened against the euro, making Swiss products exported to the euro zone more expensive. Currently, the currency pair is trading at 1.0840 francs per euro. The Swiss currency has become significantly more expensive.