The Swiss franc weakened on Friday after the Swiss National Bank (SNB) intervened heavily in the currency markets. The central bank’s actions were aimed at weakening the franc, which policymakers have long viewed as overvalued.

Analysts reported seeing significant SNB activity throughout the trading session, with the central bank selling francs in exchange for other currencies, primarily euros. The scale of the intervention surprised some market participants, leading to a sharp depreciation of the Swiss currency.

The SNB has been battling to keep the franc from appreciating excessively for several years, particularly since the Eurozone debt crisis. A strong franc hurts Swiss exports and tourism, impacting the country’s economic growth.

The central bank’s preferred method of intervention has been to set a minimum exchange rate against the euro, but it abandoned this policy in January 2015. Since then, the SNB has relied on negative interest rates and occasional currency interventions to manage the franc’s value.

The latest intervention suggests that the SNB remains committed to preventing excessive franc strength, even without a formal exchange rate target. The impact of the intervention on the Swiss economy remains to be seen, but it is likely to provide some relief to exporters and the tourism sector.