Category Archive: 1) SNB and CHF

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The IMF Assessment for Switzerland and our Critique

2014-03-27

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2014-03-27

international monetary fund
In the 2014 assessment for Switzerland by the International Monetary Fund several sentences caught our eyes; we will contrast them with our recent critique. The most important one was that for the IMF is only "moderately overvalued", this would have no negative effect for exporters.

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The IMF Assessment for Switzerland 2014 and our critique

international monetary fund
In the 2014 assessment for Switzerland by the International Monetary Fund, several sentences sparked in our eyes; we will contrast them with our recent critique.

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SECO expects 2.2% Swiss growth, further CHF strength ahead, understand why

2014-03-19

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2014-03-19

swiss gdp forecast march 2014 seco, consuotion, business cycles expert group
The Swiss government see Swiss GDP growth at 2.2% in 2014 and 2.7% in 2015. Our estimate sees a divergence in the GDP components; we expects a lower trade surplus and higher spending. in both cases CHF should rise.

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2013 SNB’s Valuation Gains 14 billion CHF on Stocks, but Losses of 35 bln. on Gold, FX and Bonds

2014-03-07

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2014-03-07

results estimate snb 2013 fx gov. bonds corp. bonds gold stocks interest incime stab. fund total
The Swiss National Bank (SNB) is reporting a loss of CHF 9.1 billion for the year 2013 (2012: profit of CHF 6.0 billion). Valuation losses on gold holdings amounting to some CHF 15.2 billion contrast with a profit of CHF 3.1 billion on foreign currency positions and a net result of CHF 3.4 billion from …

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SNB Q1/2014 Results: 1.7% annualized Yield on Seigniorage, 2% annualized Loss on FX Rate Change

results estimate snb 2013 fx gov. bonds corp. bonds gold stocks interest incime stab. fund total
The main task of a central bank occupied with QEE (quantitative easing or exchange intervention) is to obtain higher gains on seigniorage than it loses with its "ever appreciating" currency. Otherwise its equity capital would be absorbed.

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15 Billion SNB Losses on Gold in 2013, But 40 Billion SNB Profit on Gold between 2000 and 2012

swiss gold
For anybody complaining about gold that caused the big loss of the Swiss National Bank. Since 2000, the total SNB profit was 32.1 bln. CHF, of which 24.6 billion came from gold.

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George Dorgan bei den Jungfreisinnigen Zürich, Teil 1: CHF und Schweizer Wirtschaft

2014-02-23

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2014-02-23

george dorgan
Am 7. Februar hat George Dorgan eine Präsentation bei den Jungfreisinnigen Zürich gehalten. Themen waren die weitere Entwicklung des Frankens, die Schweizer Wirtschaft, die SNB und die Auswirkungen der Gold- und Masseneinwanderungsinitiativen.

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George Dorgan at Swiss Young Liberals: Slides

2014-02-05

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2014-02-05

On Friday the 7th of February at 19.00, George Dorgan is presenting his outlook on the Swiss Franc. He explains if and when the Swiss National Bank is able to generate profits again. Moreover he discusses the influence of the two referendums “Save Our Swiss Gold” and “Against Mass Immigration” on the Swiss Franc and …

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Basel III, Swiss Finish and the regulatory minimum capital requirements

basel III and swiss finish common equity tier 1 cet


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SNB Increases Weight of Countercyclical Capital Buffer for Banks

2014-01-23

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2014-01-23

basel 3 capital requirements, common equity tier, hybrid, capital conservation buffer additional dier, countercyclical buffer
The SNB requires banks to raise the weight of the counter-cyclical capital buffers” (CCB) by holding extra capital worth 1 per cent of the risk-weighted assets in their mortgage portfolios.

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SNB Balance Sheet Expansion

snb balance sheet expansion
Since 2008 the balance sheet of the Swiss National Bank is 280% higher, this is the equivalent of 60% of Swiss GDP. So did most other central banks, too. But there is one big difference: The risk for the SNB is far higher, the SNB nearly exclusively possesses assets denominated in volatile foreign currency.

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History of SNB Sight Deposits, 2013



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2013 Posts on SNB

Blog entries on the SNB that got last updated in 2014

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2013 Posts on CHF

Blog pages last updated in the year 2014 on the Swiss Franc.

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Swiss National Bank Monetary Policy Mandate – 2007 version vs. today

The mandate of the Swiss National Bank is concentrated on price stability, i.e. less than 2% inflation and to avoid deflation.

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Written in Dec 2013: FX trade of the Future is EUR/CHF Short, Not EUR/CHF Long



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ECB rate cut creates complex situation for SNB

2013-11-08

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2013-11-08

Says Thomas Jordan. Need to wait to assess impact of ECB rate cut Wasn’t totally surprised by the cut Interest rates will remain low in Switzerland Low rates may lead to property bubble risk which SNB will respond to if necessary SNB monitoring property market which is already in difficult situation I did wonder about the lack of movement in EUR/CHF yesterday considering that nearly every other euro pair took a hit. It’s either become the...

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Weekly Newspaper on Swiss National Bank and Swiss Franc

2013-11-04

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2013-11-04

  Feel free to click into the other categories “politics”, “business”, #chf, #snb in order to see more articles.

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Fast CHF and Gold Price Movements

2013-11-01

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2013-11-01

Our CHF and Gold News Bar on our home page explains daily CHF and gold price movements based on the most important fundamental indicators in a few sentences. Keep in mind that the only Swiss fundamental data that is able to move the CHF must come from the SNB and from Swiss inflation data – … Continue reading »

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In Which Positions Does the SNB Win and Where Does it Lose Money: Details on the Q3 Results

2013-10-30

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2013-10-30

UPDATE October 31, The official press release focused on the results for Q1 to Q3. The loss was 6.4 billion after a 7.3 bln. CHF loss in the first two quarters. Over all three quarters especially gold and the yen weakened the central bank’s positions. For the third quarter, it means that income was positive … Continue reading »

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