Finance
Swiss National Bank's Willingness to Intervene Has Risen, Vice Chairman Says
Published by Global Banking & Finance Review®
Posted on March 4, 2026
1 min readLast updated: April 2, 2026
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The SNB has heightened its readiness to intervene in forex markets to curb the Swiss franc’s rapid appreciation amid escalating Middle East tensions, citing risks to price stability and exporters.
Swiss National Bank Heightens Intervention Readiness Amid Franc's Rise
SNB Responds to Swiss Franc Appreciation
Vice Chairman Highlights Increased Intervention Willingness
ZURICH, March 4 (Reuters) - The Swiss National Bank has increased its readiness to intervene in foreign currency markets following the Swiss franc's recent rise in the wake of the conflict in the Middle East, SNB Vice Chairman Antoine Martin said on Wednesday.
"Our willingness to intervene, our readiness to intervene is higher given the recent political events," Martin told reporters.
Market Reaction to Franc's Surge
Martin was speaking after the Swiss franc rose to its highest value against the euro in more than a decade earlier this week, driven by safe-haven inflows triggered by the conflict in the Middle East.
Central Bank's Verbal Intervention
The SNB on Monday said it was more willing to intervene in the foreign currency markets to counter a "rapid and excessive appreciation" of the Swiss franc, a rare verbal intervention from the central bank.
Immediate Impact on Currency Markets
The euro edged up 0.2% to a day high of 0.9098 francs after Martin made his remarks.
(Reporting by John RevillAdditional reporting by Amanda CooperEditing by Dave Graham)
Key Takeaways
- •The Swiss franc surged to its strongest level against the euro in over a decade on safe-haven inflows amid Middle East conflict, prompting the SNB to signal intervention readiness.
- •This rare verbal intervention underscores concern about deflationary pressures and export competitiveness due to franc strength.
- •The SNB’s stance aligns with its broader strategy of using market tools—beyond interest rate policy—to ensure price stability, especially when currency volatility threatens economic balance.
References
Frequently Asked Questions about Swiss National Bank's willingness to intervene has risen, Vice Chairman says
1Why is the Swiss National Bank more willing to intervene in currency markets?
The SNB increased its intervention readiness due to the Swiss franc's appreciation following safe-haven inflows amid the Middle East conflict.
2What event triggered the Swiss franc's sharp rise?
The Swiss franc rose sharply after the conflict in the Middle East led investors to seek safe-haven assets.
3What did the SNB Vice Chairman say about current intervention policies?
Vice Chairman Antoine Martin stated the SNB's willingness to intervene is now higher given recent political events.
4How did the euro react to the SNB's announcement?
The euro edged up 0.2% to a day high of 0.9098 francs after the SNB announced its intervention policy.
