by George Dorgan
My articles About meMy books
Follow on:TwitterFacebook
Seeking AlphaCFA SocietyLinkedINEconomicBlogs
SNB sight deposits are rising again, by 700 million CHF in one week. But the amount of cash in form of bank notes and coins has risen by 10% since September. It seems that the central bank is now not only virtually printing (via sight deposits) but also physically. SNB liabilities reached a new record high. Details
You Might Also Like
“Wenn die Notenbank den Staat finanziert (When the Central Bank Finances the State),” FAS, 2020
Monetary deficit financing is the norm—after all, central banks distribute their profits. Monetary financing occurs in the context of regular open market operations and QE and, hyper charged, with helicopter drops. The question is not whether monetary policy should finance the government, but why it does so, and to what extent. Fiscal and monetary policy are inherently connected; what constitutes monetary policy is defined by objectives.
Willkommen in einer Zukunft ohne Zins
Die SNB, die EZB und andere Zentralbanken erwarten auch langfristig keine Zinswende – und machen Nullzinsen zur Regel. Eine Übersicht der Prognosen. Diese Woche ist die Welt einer Zukunft ohne positive Zinssätze ein Stückchen näher gerückt. Schwedens Notenbank erneuerte ihren Zinspfad.
“Monetäre Staatsfinanzierung mit Folgen (Monetary Financing of Government),” Die Volkswirtschaft, 2020
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
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.
Weekly SNB Sight Deposits and Speculative Positions: SNB buying euros at high prices
Update October 26, 2020: SNB buying euros at high prices. Sight Deposits have risen by +1.8 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +1.8 bn. compared to last week.
FX Daily, May 12: Markets Tread Water, Looking for New Focus
Overview: Investors seem to be in want of new drivers, leaving the capital markets with little fresh direction. While Japanese and China equities were little changed, several markets in the region, including Australia, Hong Kong, Taiwan, and India, were off more than 1%. European bourses are mostly higher after the Dow Jones Stoxx 600 slipped 0.4% yesterday.
FINMA-Aufsichtsmitteilung 06/2020: Verlängerung oder Auslaufen von Erleichterungen infolge der COVID-19-Krise
Die Eidgenössische Finanzmarktaufsicht FINMA veröffentlicht eine weitere Aufsichtsmitteilung im Kontext der COVID-19-Krise. Sie passt darin die Fristen von diversen, bereits erteilten Erleichterungen an und präzisiert die Berechnung der Finanzierungsquote NSFR.
Swiss National Bank forecasts deflation until 2022
On 18 June 2020, the Swiss National Bank (SNB) said it would maintain its negative rate of interest (-0.75%) and remains willing to intervene more strongly in the foreign exchange market.
Tags: M1 Bank notes,SNB sight deposits,Swiss National Bank
