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The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.

Articles by SwissNationalBank

Confederation and SNB facilitate exchange of Ukrainian currency at Swiss commercial banks

12 days ago

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.
As of 27 June 2022, adults with protection status S will be able to make a one-off exchange of up to UAH 10,000 at selected UBS and Credit Suisse branches. This currently corresponds to a value of approximately CHF 300. The exchange rate will be set by the National Bank of Ukraine (NBU).
The Federal Council approved a corresponding proposal for the cash exchange at its meeting of 22 June 2022. The SNB is handling the operational implementation of the exchange on behalf of the Confederation; to this end, it has concluded appropriate

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Annual banking statistics for 2021

19 days ago

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).
The Domestic office perspective shows data on the business of banks including their branches in Switzerland (cf. Explanatory video ‘Perspectives on banking statistics’). These data are particularly relevant in the context of the national accounts. For example, the SNB uses the data when compiling the balance of payments and the Swiss financial accounts.

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Further information
– Data

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SNB Monetary policy assessment of June 2022

20 days ago

Swiss National Bank tightens monetary policy and raises SNB policy rate to −0.25%
The SNB is tightening its monetary policy and is raising the SNB policy rate and the interest rate on sight deposits at the SNB by half a percentage point to −0.25% to counter increased inflationary pressure. The tighter monetary policy is aimed at preventing inflation from spreading more broadly to goods and services in Switzerland. It cannot be ruled out that further increases in the SNB policy rate will be necessary in the foreseeable future to stabilise inflation in the range consistent with price stability over the medium term. To ensure appropriate monetary conditions, the SNB is also willing to be active in the foreign exchange market as necessary.
The SNB policy rate change

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SNB Governing Board: Federal Council appoints Martin Schlegel as Vice Chairman of the Governing Board

May 4, 2022

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.
Martin Schlegel has been a member of the Enlarged Governing Board and Deputy Head of Department I since 1 September 2018. He has been with the SNB for nearly 20 years, in which time he has held various management positions. His career at the SNB began in 2003 in the Research unit. Mr Schlegel, who holds a Doctorate in Economics from the University of Basel, then worked in Financial Market Analysis before

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Swiss Financial Accounts: Household wealth in 2021

April 27, 2022

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.

Financial wealth of households increased significantly in 2021
Household financial assets increased by CHF 202 billion to CHF 3,037 billion (up 7.1%) in 2021. This significant rise was due to both capital gains and transactions: On the one hand, households benefited from rising stock market prices; on the other, they purchased securities and increased their occupational pension entitlements. The increase observed in

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