Reuters reports that the Swiss National Bank said it could further expand its balance sheet if necessary.

The SNB's spending on foreign currencies increased from 13.2 billion francs in 2019 and reached at its highest level since 2012 as it battled renewed upward pressure on the safe-haven franc during the COVID-19 pandemic.

The increased spending has inflated the SNB's balance sheet close to 1 trillion francs - much larger than the size of the Swiss economy.

Still, despite reducing its interventions in the second half of the year, the size of the balance sheet would not deter the SNB from intervening in future, the central bank told .