Dewet Moser, Alternate Member of the Governing Board of the Swiss National Bank

Money Market Event, Geneva, 19.11.2015

Complete text in German: "Die Finanzmärkte und die Umsetzung der Geldpolitik"

Complete text in French: "Les marchés financiers et la mise en œuvre de la politique monétaire"

Following the discontinuation of the minimum exchange rate in January 2015, the Swiss National Bank (SNB) is still moving in unfamiliar territory in monetary policy implementation, with the adoption of a range of exceptional measures. In a two-pronged approach, it intervenes in the foreign exchange market as necessary, and charges negative interest on sight deposits held at the SNB by banks and other financial market participants.

When the crisis in Greece dramatically worsened at the end of June, for instance, the SNB confirmed that it had intervened in the foreign exchange market in order to stabilise the situation. With this step it sent out a clear signal to market players that, notwithstanding its discontinuation of the minimum exchange rate, it remains prepared to take decisive action. The SNB continues to monitor developments on the foreign exchange market very closely with respect to both monetary policy itself and also its implementation.

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