ZURICH, March 26 (Reuters) - The Swiss National Bank (SNB) said it bought foreign currency totalling 25.8 billion Swiss francs ($26.91 billion) at the end of last year as part of a bid to defend the currency before abandoning a peg, it said in its annual report on Thursday.
"Upward pressure on the Swiss franc intensified in 2014 and, towards the end of the year, the euro approached the minimum exchange rate of 1.20 francs per euro," the 2014 report said.
"In order to enforce it, the SNB conducted foreign exchange transactions and purchased foreign currency with a countervalue of 25.8 billion Swiss francs."
The SNB shocked markets in January when it removed its 1.20 per euro cap on the Swiss franc, sending the franc soaring, stocks plunging and sparking fears for the export reliant economy.
The International Monetary Fund (IMF) said on Monday the SNB should consider easing monetary policy further to limit a slowdown in economic growth, potentially through pre-announced asset purchases.
Earlier this month the central bank said it would stay active in markets to weaken an overvalued franc as it cut growth and inflation forecasts. ($1 = 0.9586 Swiss francs) (Reporting By Katharina Bart; editing by Thomas Atkins)