SNB Profit in Q1 to Q3 2020: CHF 15.1 billion Despite Covid19
2020-10-31
The Swiss National Bank reports a profit of CHF 15.1 billion for the first three quarters of 2020. We explain why these profits are possible.
“Monetäre Staatsfinanzierung mit Folgen (Monetary Financing of Government),” Die Volkswirtschaft, 2020
2020-07-27
Die Volkswirtschaft, 24 July 2020. PDF. Clarifying the connections between outright monetary financing, QE, the distribution of seignorage profits, the relationship between fiscal and monetary policy, and central bank independence.
“Unabhängigkeit der Nationalbank (Independence of the SNB),” FuW, 2020
2020-07-28
Von verschiedenen Seiten werden Ansprüche an den Gewinn der Nationalbank gestellt. Es sollte in der Kompetenz der SNB liegen, zu entscheiden, welchen Teil ihrer Bilanz sie nicht zur Erfüllung ihrer Aufgaben benötigt.
Fed and ECB Money Printing Helps SNB Back into Positive Territory
2020-08-03
Fed and ECB money printing and massive fiscal stimulus help the SNB to come back into positive territory for the year.
The renewed asset price inflation compensate for losses on the US dollar.
“Dirk Niepelt im swissinfo.ch-Gespräch (Interview with Dirk Niepelt),” swissinfo, 2020
2020-12-16
Swissinfo, December 14, 2020. HTML, podcast.
We talk about CBDC, the Swiss National Bank, whether CBDC would render it easier to implement helicopter drops, and how central bank profits should be distributed.
Weekly SNB Sight Deposits and Speculative Positions: SNB buying euros at high prices
2021-01-18
Update January 18, 2021: SNB buying euros at high prices. Sight Deposits have risen by +1.4 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +1.4 bn. compared to last week.
FX Daily, December 03: Euro Rally Stalls while Brexit Concerns Trip Sterling
2020-12-03
The selling pressure that drove the dollar lower yesterday has abated, and the greenback is paring yesterday’s loss, though the dollar-bloc currencies are showing some resilience. EC negotiator Barnier briefed ministers that the same three issues that have bedeviled the trade talks with the UK remain unresolved (fisheries, level playing field, and a conflict resolution mechanism).