The Swiss National Bank (SNB) largely stayed out of foreign exchange markets during the final quarter of 2025, adhering to a commitment made to the United States to avoid manipulating the franc for economic gain. This period of non-intervention follows a pledge the SNB reportedly gave to US authorities, aiming to alleviate concerns about the central bank's currency policies. The SNB's actions suggest a deliberate effort to demonstrate compliance and reduce geopolitical friction over its monetary strategy. Q4 2025 saw minimal SNB activity, contrasting with previous periods of more active intervention.

This restraint likely reflects both the pledge's influence and a strategic choice to avoid market disruption. The lack of intervention signals a potential shift towards greater market-driven exchange rate dynamics for the franc. US-SNB relations appear to be a key factor, with the central bank prioritizing diplomatic considerations alongside its monetary objectives. The outcome underscores the significant impact geopolitical pledges can have on a central bank's operational decisions in currency markets.