The Swiss National Bank (SNBN.S) has announced a new tab for foreign currency purchases in Q1 2024, totaling 281 million Swiss francs ($312.47 million).

This move contrasts with the 22.7 billion francs sold between October and December.

The SNB has been selling foreign exchange to support the franc and lessen inflation caused by more expensive imports.

However, inflation has remained within the SNB’s target range of 0-2%, and concerns over French elections have caused the safe-haven franc to appreciate against the euro.

Analysts predict that the franc will strengthen to 0.92 against the euro in the next 12 months.