SNB bought 67.1 billion francs in foreign currencies

Switzerland's central bank bought another 67.1 billion Swiss francs ($67.6 billion) worth of foreign currencies in 2016, almost a quarter less than the previous year, in its effort to fight the appreciation of the safe-haven franc. The sum, published in the central bank’s annual report on Thursday, compares with a 2015 tally of 86.1 billion francs and a record of 188 billion spent in 2012.
"These interventions occurred mainly at times of heightened uncertainty, when the Swiss franc was particularly sought after as a safe investment," the Swiss National Bank said in its annual report published on Thursday. 

Currency interventions and negative interest rates are the SNB's main tools in its campaign to weaken the franc, which it has consistently described as "significantly overvalued". A strong franc complicates life for Switzerland's exporters by making their products more expensive outside the country. 

Total provisions for currency reserves rose to 62.8 billion francs at year's end. The SNB is not required to make a profit, with its main mandate to ensure price stability in Switzerland. But a portion of any profit it does make is distributed to the Swiss government and the country's 26 cantons.