ZURICH: The Swiss National Bank spent 12.627 billion Swiss francs ($13.68 billion) on foreign currencies during the fourth quarter of 2021, according to data from the central bank on Thursday, showing it had ramped up its interventions towards the end of the year.

The figure was more than the 2.79 billion francs spent by the SNB between July and September and also more than the 8.69 billion francs it spent during the fourth quarter in 2020.

The central bank stepped up its foreign currency purchases towards the end of 2021 to check the strengthening in value of the safe-haven Swiss franc.

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Foreign currency purchases are one of the cornerstones of SNB policy to slow the franc’s appreciation, whose high value makes life difficult for Swiss exporters by making their products more expensive abroad.

The currency has continued to rise, briefly rising above parity against the euro this month, following Russia’s invasion of Ukraine as well as due to rising inflation in the eurozone.

Still, SNB Chairman Thomas Jordan said the more strongly valued franc was helping Switzerland avoid the inflationary pressures in other countries, and a rise above parity had a more symbolic rather than economic impact on Switzerland.