Category Archive: SNB

SNB Monetary Policy Assessment September 2017 and Comments

The SNB projects that she will reach her inflation target, shortly under 2% in the medium term, i.e. in 2019/2020. One reason might be the weakening of the Swiss Franc. But she does not prepare for a normalization of her policy: From the history we know that - once the franc is weakening - inflation may rise very quickly.

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Forget Tulips & Bitcoin – Here’s The Real Bubble

While the broader market for Swiss stocks has risen modestly this year, one 'entity' has outperformed its peers by such a staggering margin, it has left bamboozled market experts struggling for an explanation. And that company is…the Swiss National Bank. The price of a share in Swiss National Bank in August rose above 3,000 francs ($3,143) for the first time, more than double the level of a year ago, and up 50% since mid-July, as the Financial...

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Les banques centrales deviennent omnipotentes sur les marchés financiers.

Tel Atlas soutenant le monde, les banques centrales portent sur leurs épaules le marché financier. Cette réalité demeure largement occultée, mais elle détermine pourtant massivement l’avenir de nos économies. Nous avions déjà évoqué ce sujet l’année dernière (Les banques centrales commencent-elles à nationaliser l’économie ?). Il importe d’y revenir car de nouveaux chiffres confirment cette bizarrerie, puisque selon Goldman Sachs, elles détiennent...

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Zuerst verdirbt die SNB unsere Jugend mit Irrlehren, dann lässt sie sie fallen

„Und sie dreht sich doch“ murmelte Galileo Galilei, nachdem ihn die Inquisitoren gezwungen hatten, dem kopernikanischen Weltbild abzuschwören. Dieses widerlegte die damalige heliozentrische Astronomie: Die Sonne drehe sich nicht um die Erde, sondern umgekehrt: Die Erde dreht sich um die Sonne. Eine kopernikanische Wende erleben wir zurzeit in der Geldtheorie: Die Volkswirtschaften drehen sich nicht um die Zentralbanken. Umgekehrt: Die Zentralbanken...

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Dommage que Monnaie pleine ait omis de prévoir des mesures pour brider les risques que fait porter la BNS sur le contribuable.

Le peuple suisse va voter sur une initiative qui porte le nom de « monnaie pleine ». Cette initiative est partie du constat que les banques émettent de la monnaie scripturale dite monnaie-dette ou monnaie bancaire, et souhaite rendre la BNS seule responsable de la création monétaire, comme c’est d’ailleurs prévue par la Constitution.

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Les réserves de la BNS au service des investisseurs étrangers

M Cedric Tille, professeur d’Economie (Cédric tille bns)  vient de publier une étude fort intéressante qui gagne à être découverte. Elle cartographie la position économique de la Suisse par rapport au reste du monde.Il démontre à quel point la structure qui compose le moteur économique, financier et monétaire de la Suisse dans ses relations avec l’étranger avait changé en dix ans.

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Court Upholds Fines for Leaking ex-SNB Chairman’s Bank Details

Switzerland’s highest court has imposed suspended fines on a local politician and a former bank worker for leaking the personal bank transactions of former Swiss National Bank (SNB) chairman Philipp Hildebrand. The leak forced Hildebrand to resign in 2012.

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Que reste-t-il de la BNS? Liliane Held-Khawam

Nous alertons sur ce blog depuis des années sur le fait que la BNS, qui a récupéré grâce à la « réforme » de 2003 une levée des restrictions sur sa politique monétaire, mène une stratégie complaisante vis-à-vis du marché financier, et plus précisément américain.

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Weekly SNB Interventions and Speculative Positions: Investors do not take North Korea dispute seriously

Despite the tensions between Donald Trump and North Korea's Kim Jong-un, the EUR/CHF only depreciated to 1.13. In the last week, the SNB did not have to intervene. This proves that investors have not taken the tensions seriously.

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Weekly SNB Intervention Update: Sight Deposits and Speculative Position

Despite the tensions between Donald Trump and North Korea's Kim Jong-un, the EUR/CHF only depreciated to 1.13. In the last week, the SNB did not have to intervene. This proves that investors have not taken the tensions seriously.

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“Mystery” Central Bank Buyer Revealed: SNB Now Owns A Record $84 Billion In US Stocks

In the second quarter of the year, one in which unlike in Q1 fund flows showed a persistent and perplexing outflow from US stocks and into European and Emerging Markets, a trading desk rumor emerged that even as institutional traders dumped stocks and retail investors piled into ETFs, a "mystery" central bank was quietly bidding up risk assets by aggressively buying stocks.

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SNB Balance Sheet, Markets and Economy: As Good As It Gets?

Late 2014/early 2015 will perhaps be the closest to a real recovery from the Great “Recession” we shall see in this cycle.  Q1 2015 marked the peak year over year growth rate of GDP in this recovery at 3.76%. That rate compares quite unfavorably with even the feeble post dot com crash recovery high of 4.41% in Q1 2004.

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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.

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Worin die populäre Geldschöpfungskritik irrt – Teil 2

Wie der erste Teil darzulegen versuchte, muss einer Ausweitung der Geldmenge durch Geschäftsbanken zwangsläufig eine Vermehrung der Basisgeldmenge vorausgegangen sein. Ohne eine Entscheidung der Zentralbank, den Geschäftsbanken –vorgängig oder nachträglich – Basisgeld zur Verfügung zu stellen, ist eine jede Geschäftsbank aufgrund der gegenseitigen Konkurrenz untereinander in deren Möglichkeit, Geld zu schöpfen, beschränkt.

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Swiss Banks Paid Out €1 Billion In Negative Interest Rates In The First Half

Overnight, the Swiss National Bank disclosed the composition and breakdown of its FX reserves as of June 30. There were no notable changes, as the central bank kept most of its asset allocations unchanged from the previous quarter, with equities, government bonds and "other bonds", at 20%, 68% and 12% respectively. There were also no shifts in the currency composition as shown in the table below.

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SNB reports a profit of CHF 1.2 billion for the first half of 2017

The Swiss National Bank (SNB) reports a profit of CHF 1.2 billion for the first half of 2017. A valuation gain of CHF 0.3 billion was recorded on gold holdings. The profit on foreign currency positions amounted to CHF 0.1 billion and the profit on Swiss franc positions stood at CHF 0.9 billion. The SNB’s financial result depends largely on developments in the gold, foreign exchange and capital markets.

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When Do We Know These Are Delusional Markets

Signs of complacency and disconnect from fundamentals abound. So to sanity check, it may still be helpful to periodically remind ourselves of a few recent ones. In no particular order. The Swiss National Bank bought $ 100bn between US and European stocks. It now owns 26 million Microsoft shares (read).

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Did The Dutch Central Bank Lie About Its Gold Bar List?

Head of the Financial Markets Division of the Dutch central bank, Aerdt Houben, stated in an interview for newspaper Het Financieele Dagblad published in October 2016 that releasing a bar list of the Dutch official gold reserves “would cost hundreds of thousands of euros”. In this post we’ll expose this is virtually impossible – the costs to publish the bar list should be close to zero – and speculate about the far reaching implications of this...

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Weekly SNB Interventions and Speculative Positions: Hawkish ECB, less SNB interventions

Hawkish comments by Mario Draghi boosted the EUR against both USD and CHF. It also reduced the need for SNB interventions. The question is how long Draghi will remain hawkish, especially next winter, when headline inflation in the euro zone may fall under 1%.

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Worin die populäre Geldschöpfungskritik irrt – Teil 1

Eine Kritik ist im Aufwind. Was vor ein paar Jahren noch als Phantasterei verrückter Verschwörungstheoretiker abgetan wurde, beschäftigte jüngst sogar die Deutsche Bundesbank. Gemeint ist die Idee des Vollgeldes und der damit zusammenhängenden Abrechnung mit unserem modernen Geldsystem.

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