The Swiss currency has gained in value since outbreak of the pandemic, leading Switzerland's central bank to shell out more than ever to fight its rise. 

Ninety billion Swiss francs ($97 billion) – that's roughly what the Swiss National Bank, or SNB, spent in the first six months of 2020 to fight what it views as the undue appreciation of the francs. This represents more than in past years, vice-chairman Fritz Zurbruegg told «Reuters,» meaning the SNB's foreign currency holdings will balloon even further.

Dissuading Foreign Buyers

Switzerland's economy would have taken a harder hit if the Swiss franc appreciated even more against major foreign currencies like the U.S. dollar or euro, Zurbruegg said in explaining the massive currency interventions. The SNB has for years bought euros to fight the franc rise, swelling its currency reserves to nearly 850 billion francs in August.

The SNB will hold to its monetary policy, which is rooted in a combination of charges on Swiss francs to dissuade haven inflows, while also intervening in currency markets in a bid to fight the franc rise. The surcharges in the form of negative interest rates, were introduced in 2014. The pandemic has accentuated the Swiss currency's attraction as safe harbor.