SNB Intervention (Swiss National Bank)

SNB intervention refers to actions by the Swiss National Bank (SNB) to curb an overly strong franc, which strengthens as a safe-haven currency in times of stress and hurts Swiss exporters. From 2011 to 2015 the SNB defended a hard EUR/CHF floor at 1.20; removing it without warning on 15 January 2015 sent the franc up roughly 30% in minutes. Today the bank intervenes without announcing a defended level, buying and selling foreign currency.