Weekly SNB Sight Deposits and Speculative Positions: SNB selling euros and dollars
2021-03-01
Update March 01 2021: SNB selling euros and dollars. Sight Deposits have fallen: The change is -0.2 bn. compared to last week, this means the SNB is selling euros and dollars.
Weekly SNB Sight Deposits and Speculative Positions: SNB buying euros at high prices – February 22, 2021
2021-02-22
Update February 22 2021: SNB intervening. Sight Deposits have risen by +0.1 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +0.1 bn. compared to last week.
Swiss balance of payments and international investment position: Q3 2020
2021-01-05
In the third quarter of 2020, the current account surplus amounted to CHF 9 billion, CHF 3 billion less than in the same quarter of 2019. This decline was particularly due to the lower receipts surplus in trade in goods and services. In the case of the goods trade, the decline was attributable to gold trading. This decrease was curbed by the expenses surplus for primary and secondary income, which decreased compared to Q3 2019.
“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.
Romeo Lacher and Christoph Mäder nominated for election to the SNB Bank Council
2020-11-03
At its meeting today, the Bank Council of the Swiss National Bank decided to propose to the General Meeting of Shareholders of 30 April 2021 that Romeo Lacher and Christoph Mäder be elected to the SNB Bank Council for the remainder of the 2020–2024 term of office. Romeo Lacher is Chairman of the Board of Directors of Julius Baer Group Ltd. and Bank Julius Baer & Co. Ltd.
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.
FINMA-Aufsichtsmitteilung 08/2020: LIBOR-Ablösung im Derivatebereich
2020-10-17
Die Eidgenössische Finanzmarktaufsicht FINMA empfiehlt den von der LIBOR-Ablösung betroffenen Beaufsichtigten, das neue Rückfallprotokoll der International Swaps and Derivatives Association (ISDA) frühestmöglich zu unterschreiben.
Aktualisierte Sanktionsmeldung
2020-10-16
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs 3 der Verordnung vom 27. August 2014 über Massnahmen zur Vermeidung der Umgehung internationaler Sanktionen im Zusammenhang mit der Situation in der Ukraine (SR 946.231.176.72) publiziert.
1 comment
Stefan Wiesendanger
2017-06-06 at 14:05 (UTC 2) Link to this comment
Stefan Wiesendanger @wiesenda
Mr. Klein makes a reasonable argument that in hindsight, the SNB might have done too much. His allegation of predatory mercantilism is however far removed from the truth: the SNB is just trying to fulfil its mandate of stability. The following two points illustrate this:
1. Traditionally, the main channel for reinvesting the consistent current-account surplus abroad were the two big banks, UBS and CS. In the wake of the US and EUR crises, they were forced to de-leverage by 50%, not least by regulatory pressure emanating from the SNB. It is only fair that the capital pouring back into the country from this gigantic retrenchment should be absorbed by the SNB rather than destabilising the CHF.
2. The Swiss economy overall continues to perform well in spite of the CHF appreciation. This is however not true for all industry. The machinery sector risks to bleed out in direct competition with its peers in Southern Germany who benefit from a EUR that is far too low for them. Should Switzerland sacrifice an entire branch of core competence that took decades to centuries to build just because of a temporary currency aberration in relation to neighbouring Southern Germany, just a dozen kilometers away in many cases? I agree that this can be seen as mercantilism by those who see the current situation as permanent, but then should not Germany bear at least part of the blame?
Regarding the future, it seems clear to me that Switzerland needs to create a new channel to profitably export its traditional savings surplus. Clearly, the banking channel has been a disaster. Switzerland would be a natural breeding ground for an outward private equity industry. Such private capital outflows are what is needed to reduce the SNB balance sheet (i.e. turning private CHF claims against the SNB into private claims against foreign assets) without disturbing the currency relations.