2025-06-20
Articles by SNB
2025-06-19
2025-06-19 – Monetary policy assessment of 19 June 2025
2025-06-19 – Publication of Financial Stability Report 2025
2025-03-18
2025-03-18 – Publication of 2024 Annual Report
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Read More »2025-03-03
2025-03-03 – Annual result of the Swiss National Bank for 2024
Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss
Read More »2023-03-23
2023-03-23 – Monetary policy assessment of 23 March 2023
The SNB is tightening its monetary policy further and is raising the SNB policy rate by 0.5 percentage points to 1.5%. In doing so, it is countering the renewed increase in inflationary pressure. It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term. To provide appropriate monetary conditions, the SNB also remains willing to be active in the foreign exchange market as necessary.
Read More »2023-03-19
Swiss National Bank provides substantial liquidity assistance to support UBS takeover of Credit Suisse
UBS today announced the takeover of Credit Suisse. This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.
Read More »2023-02-16
2023-02-16 – Markus K. Brunnermeier to hold the 2023 Karl Brunner Distinguished Lecture
The Swiss National Bank has named Markus K. Brunnermeier as the next speaker for its Karl Brunner Distinguished Lecture Series. Markus K. Brunnermeier is Professor of Economics at Princeton University and also Director of the Bendheim Center for Finance. His research focuses on the interaction between financial markets and the macroeconomy.
Read More »2022-12-23
Swiss balance of payments and international investment position: Q3 2022
In the third quarter of 2022, the current account surplus amounted to CHF 24 billion – a very high figure from a long-term perspective. This was attributable to the high surplus in goods trade and the relatively low deficits in services trade and in primary income. Compared to the same quarter of 2021, however, the increase in the current account balance (CHF 2 billion) was moderate because the basis for comparison was also high.
Read More »2022-12-15
Monetary policy assessment of 15 December 2022
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Read More »2022-11-30
Issuance calendar for Confederation bonds and money market debt register claims in 2023
The Swiss National Bank (SNB) and the Federal Finance Administration (FFA) advise as follows: The FFA plans to issue bonds with a face value of CHF 8 billion in 2023. Taking account of bonds maturing in 2023, the volume of bonds outstanding will increase by CHF 3.4 billion.
Read More »2022-11-03
Swiss National Bank, Banque de France, Monetary Authority of Singapore and BIS Innovation Hub to explore cross-border trading and settlement of wholesale CBDCs using DeFi protocols
Project Mariana explores automated market makers (AMM) for the cross-border exchange of hypothetical central bank digital currencies (CBDCs) in Swiss francs, euros and Singapore dollars between financial institutions to settle foreign exchange trades in financial markets.
Read More »2022-10-28
Turnover in foreign exchange and derivatives markets in Switzerland
The SNB has today published the results of the survey on turnover in foreign exchange and over-the-counter (OTC) derivatives markets in Switzerland. The data reflect the turnover in April 2022 of the banks surveyed.
Read More »2022-09-30
Publication on the centenary of the Swiss National Bank’s main building in Zurich: The Pfister Building 1922-2022
To mark the centenary of the Swiss National Bank’s main building at Börsenstrasse 15, the SNB is publishing ‘The Swiss National Bank in Zurich: The Pfister Building 1922-2022’ (Verlag Scheidegger & Spiess).
Read More »2022-09-23
Swiss Balance of Payments and International Investment Position: Q2 2022
In the second quarter of 2022, the current account surplus was CHF 11 billion, almost CHF 1 billion lower than in the same quarter of 2021. The receipts surplus in goods trade, especially merchanting and traditional goods trade (foreign trade total 1), declined. The expenses surpluses in services trade, primary income and secondary income were each lower than in the same quarter of 2021.
Read More »2022-06-24
Confederation and SNB facilitate exchange of Ukrainian currency at Swiss commercial banks
Together with the Federal Department of Finance (FDF) and Swiss commercial banks, the SNB has developed a solution to enable individuals with protection status S to exchange Ukrainian banknotes for Swiss francs up to a limited amount.
Read More »2022-06-17
Annual banking statistics for 2021
The Swiss National Bank has today published data on the annual financial statements of banks in Switzerland for the 2021 financial year. For the first time, the published data also comprises bank office data (Domestic office perspective) in addition to the data from individual financial statements (Parent company perspective) and consolidated financial statements (Group perspective).
Read More »2022-06-16
SNB Monetary policy assessment of June 2022
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Read More »2022-05-04
SNB Governing Board: Federal Council appoints Martin Schlegel as Vice Chairman of the Governing Board
Petra Gerlach and Attilio Zanetti become Alternate Members of the Governing Board. At its meeting of 4 May 2022, the Federal Council appointed Martin Schlegel as Vice Chairman of the Governing Board of the Swiss National Bank with effect from 1 August 2022. He will succeed Fritz Zurbrügg on the Governing Board when the latter steps down at the end of July 2022.
Read More »2022-04-27
Swiss Financial Accounts: Household wealth in 2021
The Swiss National Bank is today publishing financial accounts data for Q4 2021. Data on household wealth are thus available for the whole of 2021; a commentary is provided below. This is followed by a detailed look at the development of the financial net worth of the Swiss economy’s institutional sectors since the onset of the coronavirus pandemic.
Read More »2022-03-22
Swiss balance of payments and international investment position: 2021 and Q4 2021
The current account surplus in 2021 was CHF 69 billion, up CHF 49 billion on the previous year, which was heavily influenced by the coronavirus pandemic. The increase in the current account surplus was almost entirely due to the higher receipts surplus in goods trade (up CHF 45 billion). Here a significantly higher receipts surplus was recorded in both traditional goods trade (foreign trade total 1) and merchanting than in the previous year. Furthermore, there was a reduction in the expenses surplus in non-monetary gold trading.
Read More »2022-03-08
Swiss National Bank renews its commitment to adhere to the FX Global Code
The Swiss National Bank (SNB) has renewed the Statement of Commitment to the FX Global Code based on the revised version of the Code dated July 2021. By signing this Statement, the SNB attests that its internal processes are consistent with the principles of the FX Global Code. The SNB also expects its regular counterparties to comply with the agreed rules of conduct.
Read More »2022-01-28
Swiss National Bank proposes reactivation of sectoral countercyclical capital buffer at 2.5%
After consultation with the Swiss Financial Market Supervisory Authority (FINMA), the Swiss National Bank has submitted a proposal to the Federal Council requesting that the sectoral countercyclical capital buffer (CCyB) be reactivated. The buffer is to be set at 2.5% of risk-weighted exposures secured by residential property in Switzerland (cf. appendix).
Read More »2022-01-13
BIS, SNB and SIX successfully test integration of wholesale CBDC settlement with commercial banks
Project Helvetia looks toward a future with more tokenised financial assets based on distributed ledger technology coexisting with today’s systems.
Read More »2022-01-07
Swiss National Bank expects annual profit of around CHF 26 billion for 2021
According to provisional calculations, the Swiss National Bank will report a profit in the order of around CHF 26 billion for the 2021 financial year. The profit on foreign currency positions amounted to just under CHF 26 billion. A valuation loss of CHF 0.1 billion was recorded on gold holdings. The net result on Swiss franc positions amounted to over CHF 1 billion.
Read More »2021-12-22
Swiss balance of payments and international investment position: Q3 2021
In the third quarter of 2021, the current account surplus amounted to CHF 24 billion, CHF 10 billion more than in the same quarter of 2020. The increase was mainly attributable to the significantly higher receipts surplus in goods trade. This surplus was due to traditional goods trade (foreign trade total 1), non-monetary gold trading, as well as to merchanting.
Read More »2021-12-17
Monetary policy assessment of 16 December 2021: Swiss National Bank maintains expansionary monetary policy
The SNB is maintaining its expansionary monetary policy. It is thus ensuring price stability and supporting the Swiss economy in its recovery from the impact of the coronavirus pandemic. It is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%, and remains willing to intervene in the foreign exchange market as necessary, in order to counter upward pressure on the Swiss franc.
Read More »2021-12-09
Swiss National Bank, Banque de France and BIS conclude successful cross-border wholesale CBDC experiment
Central bank digital currencies (CBDCs) can be used effectively for international settlements between financial institutions, as shown in the newest wholesale CBDC experiment concluded by the Swiss National Bank (SNB), the Banque de France (BdF) and the Bank for International Settlements (BIS).
Read More »2021-06-17
SNB Monetary Policy Assessment June 2021
The SNB is maintaining its expansionary monetary policy with a view to ensuring price stability and providing ongoing support to the Swiss economy in its recovery from the impact of the coronavirus pandemic. It is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%, and remains willing to intervene in the foreign exchange market as necessary, while taking the overall currency situation into consideration.
Read More »2021-05-01
Swiss Financial Accounts: Household wealth in 2020 and focus article
Financial and real estate wealth of households increases. The Swiss National Bank is today publishing data on Q4 2020 as part of the financial accounts. Thus, household wealth data are now also available for the full year.
Read More »2021-04-30
Astrid Frey appointed new SNB delegate for regional economic relations for Central Switzerland
With effect from 1 May 2021, Astrid Frey will take on the function of Swiss National Bank delegate for regional economic relations for the Central Switzerland region. She succeedsGregor Bäurle, who assumed the posit ion of Head of the SNB’s Regional Economic Relations unit on 1 January 2021.
Read More »2021-04-28
Recall of banknotes from eighth series
The Swiss National Bank is recalling its eighth-series banknotes as of 30 April 2021. From this date on, the banknotes from the eighth series lose their status as legal tender and can no longer be used for payment purposes.
Read More »2021-04-24
2021-04-23 – U.S. dollar liquidity-providing operations from 1 July 2021
In view of the sustained improvements in U.S. dollar funding conditions and low demand at recent U.S. dollar liquidity-providing operations, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to discontinue offering dollar liquidity at the 84-day maturity.
Read More »2021-03-29
Swiss balance of payments and international investment position: 2020 and Q4 2020
The current account surplus in 2020 was CHF 27 billion, down CHF 22 billion on the previous year. This decline was particularly due to the lower receipts surpluses in trade in goods and services. In the case of goods, the decline in receipts – with expenses remaining unchanged – caused the balance to decrease by CHF 11 billion to CHF 64 billion.
Read More »2021-01-08
2021-01-08 – Swiss National Bank expects annual profit of around CHF 21 billion for 2020
According to provisional calculations, the Swiss National Ban k will report a profit in the order of CHF 21 billion for the 2020 financial year. The profit on foreign currency posi ti ons amounted to CHF 13 billion. A valuation gain of CHF 7 billion was recorded on gold holdings. The net r esult on Swiss franc posit ions amounted to over CHF 1 billion.
Read More »2020-12-18
Monetary policy assessment of 17 December 2020
The coronavirus pandemic is continuing to have a strong adverse effect on the economy. Against this difficult backdrop, the SNB is maintaining its expansionary monetary policy with a view to stabilising economic activity and price developments.
Read More »2020-12-03
BIS, Swiss National Bank and SIX announce successful wholesale CBDC experiment
Project Helvetia shows the feasibility of two proofs of concept (PoCs), using “near-live” systems to settle digital assets on a distributed ledger with central bank money.
Read More »2020-12-02
Issuance calendar for Confederation bonds and money market debt register claims in 2021
The Swiss National Bank (SNB) and the Federal Finance Administration (FFA) advise as follows:
Read More »2020-11-03
Romeo Lacher and Christoph Mäder nominated for election to the SNB Bank Council
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.
Read More »2020-10-30
2020-10-30 – Swiss Financial Accounts: quarterly data published for first time
The Swiss National Bank is expanding its data offering with respect to Switzerland’s financial accounts. It will now publish quarterly as well as annual data, and the time to publication will be shortened from ten to four months.
Read More »2020-10-09
Central banks and BIS publish first central bank digital currency (CBDC) report laying out key requirements
Seven central banks and the BIS release a report assessing the feasibility of publicly available CBDCs in helping central banks deliver their public policy objectives. Report outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue.
Read More »2020-09-27
Adjustments to publication of data on money and foreign exchange market operations
Additional data on money market operations and more frequent publication of volume of foreign exchange market interventions
Read More »2020-09-25
Monetary policy assessment of 24 September 2020
The coronavirus pandemic continues to exert a strong influence on economic developments. The SNB is therefore maintaining its expansionary monetary policy. In so doing, it aims to cushion the negative impact of the pandemic on economic activity and inflation.
Read More »2020-08-21
U.S. dollar liquidity-providing operations from 1 September 2020
In view of continuing improvements in U.S. dollar funding conditions and the low demand at recent 7-day maturity U.S. dollar liquidity-providing operations, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to further reduce the frequency of their 7-day operations from three times per week to once per week.
Read More »2020-06-26
Banks in Switzerland 2019
The Swiss National Bank has today published its report Banks in Switzerland 2019 and the corresponding data for its annual banking statistics. The most important figures are summarised below.
Read More »2020-06-19
SNB Monetary Policy Assessment June 2020 and Videos
The coronavirus pandemic and the measures implemented to contain it have led to a severe downturn in economic activity and a decline in inflation both in Switzerland and abroad. The SNB’s expansionary monetary policy remains necessary to ensure appropriate monetary conditions in Switzerland.
Read More »2020-05-15
Announcement regarding recall of banknotes from eighth series
The issuance of the ninth banknote series was concluded on 12 September 2019. The Swiss National Bank intends to communicate the statutory recall of the banknotes from the eighth series two months in advance in the first half of 2021.
Read More »2020-05-12
SNB COVID-19 refinancing facility expanded to include cantonal loan guarantees as well as joint and several loan guarantees for startups
The Swiss National Bank announced the establishment of the SNB COVID-19 refinancing facility (CRF) on 25 March 2020. This facility allows banks to obtain liquidity from the SNB by assigning credit claims from corporate loans as collateral. In so doing, the SNB enables banks to expand their lending rapidly and on a large scale.
Read More »2020-04-28
SNB appoints new delegate Fabian Schnell for regional economic relations for Zurich region
With effect from 1 May 2020, Fabian Schnell will assume the function of Swiss National Bank (SNB) delegate for regional economic relations for the Zurich region. He succeeds Rita Kobel Rohr, who is taking on a new position at the SNB’s General Secretariat on 1 July 2020.
Read More »2020-03-20
Monetary policy assessment of 19 March 2020
Swiss National Bank maintains expansionary monetary policy, raises negative interest exemption threshold, and is examining additional steps. Coronavirus is posing exceptionally large challenges for Switzerland, both socially and economically. Uncertainty has risen considerably worldwide, and the outlook both for the global economy and for Switzerland has worsened markedly.
Read More »2020-03-19
112th Annual Report Swiss National Bank 2019
The 2019 Annual Report of the Swiss National Bank is published on the SNB website
Read More »2020-02-18
2020-02-17 – The SNB’s Karl Brunner Distinguished Lecture Series: Carmen Reinhart to hold fifth lecture
The Swiss National Bank is honouring Carmen Reinhart with this year’s Karl Brunner Distinguished Lecture Series. Carmen Reinhart is an influential economist who has made outstanding contributions to macroeconomics. She has been Professor of the International Financial System at Harvard Kennedy School since 2012, and also currently serves on the Economic Advisory Panel of the Federal Reserve Bank of New York.
Read More »2020-01-21
Central bank group to assess potential cases for central bank digital currencies
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), have created a group to share experiences as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions.
Read More »2019-12-12
Monetary policy assessment of 12 December 2019
The Swiss National Bank is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%. It remains willing to intervene in the foreign exchange market as necessary, while taking the overall currency situation into consideration. The expansionary monetary policy continues to be necessary given the inflation outlook in Switzerland.
Read More »2019-12-03
2019-12-03 – Amendment of National Bank Ordinance
Changes due to entry into force of FinSA/FinIA andadjustments to minimum reserve requirements. The Swiss National Bank is amending the National Bank Ordinance (NBO). Various terms used in the NBO will be revised in connection with the entry into force of the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) as of 1 January 2020.
Read More »2019-11-30
Swiss Financial Accounts, 2018 edition
The financial assets of households were influenced by two factors in 2018: First, falling share prices led to high capital losses and, second, households grew their financial wealth through transactions. They increased their insurance and pension scheme entitlements, expanded their bank deposits and invested in securities. Overall, household financial assets fell slightly by CHF 14 billion to CHF 2,586 billion (down 0.6%) – the first decline in ten years
Read More »2019-10-31
The Swiss National Bank reports a profit of CHF 51.5 billion for the first three quarters of 2019
The Swiss National Bank reports a profit of CHF 51.5 billion for the first three quarters of 2019. The profit on foreign currency positions amounted to CHF 42.7 billion. A valuation gain of CHF 7.3 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 1.7 billion.
Read More »2019-10-22
2019-10-22 – Swiss National Bank opens SNB Forum for interested expert audience
Today, the Swiss National Bank is opening the SNB Forum on the ground floor of its premises at Fraumünsterstrasse 8 in Zurich. This has been created as part of the mult i-yearrenovation of this building, and is open to the public.
Read More »2019-10-10
SNB and BIS sign Operational Agreement on BIS Innovation Hub Centre in Switzerland
The Swiss National Bank (SNB) and the Bank for International Settlements (BIS) have today signed an Operational Agreement on the BIS Innovation Hub Centre in Switzerland. The Hub will identify and develop in-depth insights into critical trends in technology affecting central banking, develop public goods in the technology space geared towards improving the functioning of the global financial system, and serve as a focal point for a network of central bank experts on innovation.
Read More »2019-09-21
Switzerland’s international investment position: Focus article ‘Breakdown of changes in stocks’ and extension of data offering
The Swiss National Bank has today published a focus article on its data portal entitled ‘Switzerland’s international investment position – breakdown of changes in stocks’ (data.snb.ch, Resources, International economic affairs, Focus articles).
Read More »2019-09-19
Monetary policy assessment of 19 September 2019
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Read More »2019-09-12
100-franc note enters circulation today
SNB banknote app with information on all new denominations. Issuance of the new 100-franc note presented a week ago begins today, 12 September. The complete version of the Swiss National Bank’s ‘Swiss Banknotes’ app is now also available. It has been updated to include the 100-franc note and features information on all six new denominations.
Read More »2019-09-03
Swiss National Bank Presents New 100-Franc Note
The Swiss National Bank (SNB) will begin releasing the new 100-franc note on 12 September 2019, bringing the issuance of the ninth banknote series to a close. The first denomination in the new series, the 50-franc note, entered circulation on 13 April 2016. This was followed by the 20, 10, 200 and 1000-franc notes, which were released at six or twelve-month intervals.
Read More »2019-06-28
Banks in Switzerland 2018
The Swiss National Bank has today published its report Banks in Switzerland 2018 and the corresponding data for its annual banking statistics. The most significant events are summarised below.
Read More »2019-06-13
Monetary policy assessment of 13 June 2019
The Swiss National Bank is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is unchanged at –0.75%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.
Read More »2019-05-31
Expansion of SNB statistics
New Focus Article series published on data portal. The Swiss National Bank is expanding its offering in the field of statist ics. It is to start publishing articles on selected statistical subjects at irregular intervals. These articles will appear on the SNB data portal (data.snb.ch, Resources, International economic affairs, Focus articles) as so-called focus articles.
Read More »2019-05-02
Claudia Aebersold Szalay to become Head of Media Relations at the SNB
Claudia Aebersold Szalay will assume the role of Head of Media Relations at the Swiss National Bank on 1 June, replacing Walter Meier who will be leaving the bank having reached retirement age. Ms Aebersold Szalay was previously an economics and business editor at the NZZ newspaper for eleven years.
Read More »2019-03-21
Monetary policy assessment of 21 March 2019
The Swiss National Bank is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB remains at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.
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2019-03-21 – Publication of the 2018 Annual Report
The 2018 Annual Report of the Swiss National Bank is published on the SNB website (www.snb.ch).
Read More »2019-03-13
1000-Franc Note Enters Circulation Today
Issuance of the new 1000-franc note presented a week ago begins today, 13 March. The Swiss National Bank’s ‘Swiss Banknotes’ app has now been updated to include the new note. The app, which has been downloaded some 110,000 times, can be obtained free of charge from the Apple (itunes.apple.com) and Google Play (play.google.com) app stores.
Read More »2019-03-07
Swiss National Bank releases new 1000-franc note
The Swiss National Bank (SNB) will begin issuing the new 1000-franc note on 13 March 2019. Following the 50, 20, 10 and 200-franc notes, this is the fifth of six denominations in the new banknote series to be released. The current eighth-series banknotes remain legal tender until further notice.
Read More »2019-02-19
The SNB’s Karl Brunner Distinguished Lecture Series: Raghuram Rajan announced as next speaker
The Swiss National Bank (SNB) has named Raghuram Rajan as this year’s speaker for its Karl Brunner Distinguished Lecture Series. Professor Rajan has made outstanding contributions to both economic practice and economic research on the global stage. His roles have included Governor of the Reserve Bank of India from 2013 until 2016 and Chief Economist at the IMF between 2003 and 2006.
Read More »2018-09-25
SNB appoints new delegate for regional economic relations for Central Switzerland
With effect from 1 October 2018, Gregor Bäurle will assume the function of Swiss National Bank (SNB) delegate for regional economic relations for the Central Switzerland region. He succeeds Walter Näf, who is taking on a new position, representing the SNB in the Swiss delegation to the OECD in Paris as of 1 January 2019.
Read More »2018-09-20
Monetary Policy Assessment of 20 September 2018
The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB remains at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.
Read More »2018-08-22
SNB banknote app updated for new 200-franc note
The Swiss National Bank’s ‘Swiss Banknotes’ app is designed to help the public familiarise themselves with the new banknotes. The popular app, which has been downloaded some 100,000 times, now also showcases the new 200-franc note. It can be downloaded free of charge from the Apple (itunes.apple.com) and Google Play (play.google.com) app stores.
Read More »2018-08-15
Swiss National Bank releases new 200-franc note
Fourth banknote in latest series showcases Switzerland’s scientific expertise. The Swiss National Bank (SNB) will begin issuing the new 200-franc note on 22 August 2018. Following the 50, 20 and 10-franc notes, this is the fourth of six denominations in the new banknote series to be released. The current eighth-series banknotes will remain legal tender until further notice.
Read More »2018-07-06
Federal Council appoints Martin Schlegel as new Alternate Member of the SNB Governing Board
At its meeting of 4 July 2018, the Federal Council appointed Martin Schlegel as the new Alternate Member of the Governing Board of the Swiss National Bank (SNB), following the proposal of the SNB’s Bank Council. He will take up the position of Deputy Head of Department I as of 1 September.
Read More »2018-06-28
Banks in Switzerland 2017, Results from the Swiss National Bank’s data collection
Summary of the 2017 banking year. Of the 253 banks in Switzerland, 229 recorded a profit in 2017, posting a total profit of CHF 10.3 billion. The remaining 24 institutions recorded an aggregate loss of CHF 0.5 billion. The result of the period for all banks was CHF 9.8 billion. The aggregate balance sheet total rose by 4.8% to CHF 3,249.4 billion.
Read More »2018-06-13
Swiss National Bank commits to FX Global Code and supports establishment of foreign exchange committee
The Swiss National Bank (SNB) has signed a Statement of Commitment to the FX Global Code (“Code”), thereby demonstrating that its internal processes are consistent with the principles of the Code. It also expects its regular counterparties to adhere to the Code and comply with the agreed rules of conduct.
Read More »2018-06-11
SNB Statement on the outcome of the popular vote of 10 June 2018
The Swiss National Bank (SNB) has acknowledged the outcome of the popular vote on the sovereign money initiative. The SNB has a constitutional and statutory mandate to pursue a monetary policy serving the interests of the country as a whole. It is charged with ensuring price stability while taking due account of economic developments.
Read More »2018-05-31
Results of the 2017 survey on payment methods
In the autumn of 2017, the Swiss National Bank (SNB) conducted a survey on payment methods for the first time. The aim of the survey is to obtain representative information on payment behaviour and the use of cash by house holds in Switzerland, and to ascertain the underlying motives for this behaviour.
Read More »2018-03-15
SNB Monetary policy assessment of 15 March 2018
The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.
Read More »2018-02-13
Currency swap agreement between the Swiss National Bank and the Bank of Korea
The Swiss National Bank (SNB) and the Bank of Korea (BOK) will enter into a bilateral swap agreement. The agreement will be signed on 20 February 2018 in Zurich by the Chairman of the SNB Governing Board, Thomas Jordan, and the Governor of the BOK, Juyeol Lee. The swap agreement enables Korean won and Swiss francs to be purchased and repurchased between the two central banks, up to a limit of KRW 11.2 trillion, or CHF 10 billion.
Read More »2018-01-09
Swiss National Bank expects annual profit of CHF 54 billion
According to provisional calculations, the Swiss National Bank (SNB) will report a profit in the order of CHF 54 billion for the 2017 financial year. The profit on foreign currency positions amounted to CHF 49 billion. A valuation gain of CHF 3 billion was recorded on gold holdings. The net result on Swiss franc positions amounted to CHF 2 billion.
Read More »2017-12-21
Swiss National Bank acquires majority stake in Landqart AG
Yesterday, the Swiss National Bank (SNB) acquired 90% of the shares in Landqart AG. The remaining 10% of the share capital will be purchased by Orell Füssli Holding Ltd. The vendor is a subsidiary of Fortress Paper Ltd, which is listed on the Toronto stock exchange.
Read More »2017-12-18
Direct Investments in 2016
In 2016, companies domiciled in Switzerland invested CHF 71 billion abroad. Swiss direct investment abroad thus fell short of the CHF 90 billion recorded in 2015, due primarily to lower investment activity by finance and holding companies. All other industry categories combined actually exceeded the level of the previous year with investment abroad of CHF 62 billion (2015: CHF 46 billion). Of this total, CHF 29 billion was accounted for by manufacturing and CHF 33 billion by services.
Read More »2017-12-14
SNB Monetary policy assessment of 14 December 2017
The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.
Read More »2017-11-29
Swiss Financial Accounts, 2016 edition
Financial assets and liabilities of the institutional sectors The financial accounts form part of Switzerland’s system of national accounts. They show the financial assets and liabilities of the economy’s institutional sectors, which are non-financial and financial corporations, general government and households. The major developments in the financial accounts are outlined below.
Read More »2017-10-18
10 Franc Note: Banknote App Updated
The Swiss National Bank (SNB) is releasing an updated version of ‘Swiss Banknotes’, an app for mobile devices designed to help the public familiarise themselves with the new banknotes.The popular app, which has been downloaded over 70,000 times, now also showcases the new 10-franc note. It can be downloaded free of charge from the Apple (itunes.apple.com) and Google Play (play.google.com) app stores.
Read More »2017-10-11
Swiss National Bank Releases New 10-franc note
The Swiss National Bank (SNB) will begin issuing the new 10-franc note on 18 October 2017. Following the 50-franc and 20-franc notes, it is the third of six denominations in the new banknote series to be released. The current eighth-series banknotes will remain legal tender until further notice.
Read More »2017-08-05
Survey on the use of payment methods in Switzerland
The Swiss National Bank (SNB) is this year conducting a survey on payment methods for the first time. Over the coming months, 2,000 people resident in Switzerland will be asked about their habits regarding the use of payment methods. The aim of the survey is to obtain representative information on the Swiss population’s use of various payment methods and to identify any changes in this respect.
Read More »2017-07-01
Banks in Switzerland 2016
Summary of the 2016 banking year. In 2016, 226 of the 261 banks in Switzerland reported a profit, taking total profit to CHF 11.8 billion. The remaining 35 institutions recorded an aggregate loss of CHF 3.9 billion. The result of the period for all banks was thus CHF 7.9 billion.
Read More »2017-06-15
SNB Monetary Policy Assessment June 2017 and Comments
The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%.
Read More »2017-05-17
Swiss National Bank releases updated banknote app
The Swiss National Bank (SNB) is releasing an app for mobile devices, designed to help the public familiarise themselves with the new banknotes. The app – an updated version of the ‘50-franc’ app launched last year to accompany the issue of the new 50-franc note – is now called ‘Swiss Banknotes’ and can be downloaded free of charge from the Apple (itunes.apple.com) and Google Play (play.google.com) app stores.
Read More »2017-05-10
Swiss National Bank releases new 20-franc note
Second ninth-series note showcases Switzerland’s creativity. The Swiss National Bank (SNB) will begin issuing the new 20-franc note on 17 May 2017. It is the second of six denominations in the new banknote series to be released. The current eighth-series banknotes will remain legal tender until further notice.
Read More »2017-03-22
New calculation of SNB exchange rate indices
Change to a more comprehensive and up-to-date methodology. The Swiss National Bank (SNB) is putting the Swiss franc exchange rate indices it calculates and publishes on a new footing. The adjustment allows the Swiss economy’s competitive and trading relationships to be replicated in a more comprehensive and up-to-date way. The new indices, too, show that the Swiss franc is significantly overvalued.
Read More »2016-12-24
Swiss Financial Accounts, 2015 edition
This year, the Swiss financial accounts, which have been released by the Swiss National Bank since 2005, feature changes affecting both timeliness and presentation.
For the first time, data on the financial accounts are now published within eleven months of the reference date, reducing time to publication by one year. Moreover, the balance sheet of households, previously the subject of the press release on household wealth, is now included in the Swiss Financial Accounts report.
2016-12-21
Swiss balance of payments and international investment position: Q3 2016
In the third quarter of 2016, the current account surplus amounted to CHF 21 billion. This was CHF 2 billion less than in the year -back quarter. As a result of lower receipts from direct investment, the receipts surplus in primary income (labour and investment income) declined by CHF 4 billion to CHF 1 billion. The surplus of receipts from trade in goods increased by CHF 2 billion to CHF 17 billion, while the surplus of receipts for trade in services and the surplus of expenses for secondary income remained at the same level as in the year-back quarter (CHF 5 billion and CHF 2 billion respectively).
Read More »2016-12-20
Direct Investments in 2015
Swiss direct investment abroad. Companies domiciled in Switzerland invested CHF 100 billion abroad, compared with disinvestment of CHF 1 billion the year before. Thus, Swiss direct investment abroad was significantly above the average for the past ten years. At CHF 54 billion, over half of the investment was made by finance and holding companies (2014: CHF 3 billion).
Read More »2016-12-15
SNB Monetary policy assessment December 2016 and Comments
The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Interest on sight deposits at the SNB is to remain at–0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. At the same time, the SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.
Read More »2016-11-10
Federal Department of Finance and SNB enter new distribution agreement
The Federal Department of Finance (FDF) and the Swiss National Bank (SNB) have signed a new agreement regarding the SNB’s profit distribution for 2016 to 2020. Subject to a positive distribution reserve, the SNB will in future pay CHF 1 billion p.a. to the Confederation and cantons, as was previously the case. In future, however, omitted distributions will be compensated for in subsequent years if the distribution reserve allows this.
Read More »2016-09-26
Swiss balance of payments and international investment position: Q2 2016
In the second quarter of 2016, the current account surplus amounted to CHF 17 billion. This was CHF 3 billion less than in the year-back quarter, mainly due to a decline in the receipts surplus in primary income (labour and investment income).
Read More »2016-09-15
SNB Monetary policy assessment September 2016 and Comments
The SNB inflation forecast showed a strange diversion of conditional inflation forecasts: Draghi expected inflation to rebound to 1.2% next year and 1.6% in 2018.
The SNB, however, predicts 2017 inflation at 0.2% and 2018 at 0.6%. For us, one of the two is wrong.
2016-09-07
Swiss National Bank: Carl Menger Prize
Despite her incredible money printing and FX purchases, the SNB has many roots in the Austrian School of Economics, a school that maintains that money printing leads to price inflation. One of the major Austrian economists was Carl Menger.
Read More »2016-09-01
SNB Survey: 2016 Foreign Exchange Turnover
This press release presents the results for a Swiss National Bank (SNB) survey on turnover in foreign exchange and derivatives markets. The request for data was sent to 30 banks that operate in Switzerland and have a sizeable share in the foreign exchange and over-the-counter (OTC) derivatives markets. These banks reported the turnover of their domestic offices.
Read More »2016-08-25
Interim results of the Swiss National Bank as at 30 June 2016
The Swiss National Bank (SNB) reports a profit of CHF 21.3 billion for the first half of 2016. A valuation gain of CHF 7.6 billion was recorded on gold holdings. The profit on foreign currency positions amounted to CHF 13.0 billion.
Read More »2016-06-29
Swiss Balance of Payments and International Investment Position 2015
The Swiss National Bank (SNB) is publishing the annual Swiss Balance of Payments and International Investment Position report today. This year, the report is being released earlier – in May instead of August, as in previous years. It is based on the dataset for the fourth quarter of 2015, which was released with the press release of 21 March 2016 headed ‘Swiss balance of payments and international investment position, Q4 2015 and review of the year 2015’.
Read More »2016-06-21
Swiss balance of payments and international investment position: Q1 2016
The current account surplus amounted to CHF 10 billion in the first quarter of 2016, CHF3 billion less than in the year-back quarter. The decline was primarily attributable to trade in goods, where the receipts surplus of CHF 8 billion was CHF 2 billion lower than in the first quarter of 2015. The receipts surplus for services remained stable at CHF 5 billion. In the case of primary income (labour and investment income), receipts and expenses were on a par, whereas a receipts surplus of CHF 1 billion had been recorded in the year-back quarter. At CHF3 billion, the expenses surplus for secondary income (current transfers) remained on the same level as the year-back figure.
Read More »2016-06-16
Monetary policy assessment of 16 June 2016
The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. At the same time, the SNB will remain active in the foreign exchange market, as neces sary. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, there by easing pressure on the currency. The Swiss franc is still significantly overvalued.
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