by George Dorgan
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This link on the SNB website shows the data the central bank provides to the International Monetary Fund (IMF). It indicates the SNB Forex and gold reserves in the last month. The data delivery is called “IMF Special Data Dissemination Standard (SNB Data)”
It is released together with the international investment position, some monetary aggregates and the balance of payments. It is transmitted to the International Monetary Fund and disclosed to the public. Again there is an archive. So one can compare the change from month to month.
Data for monetary aggregates
Inside this data release there are for example M0 and M1.
M0 represents debt for the central that allows to finance currency interventiosn.
Data for currency reserves
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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
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“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.
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