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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

2017-03-23 – Speech – Andréa M. Maechler, Member of the Governing Board of the Swiss National Bank: The SNB’s investment policy and its distinctive features

March 23, 2017

The SNB’s investment policy and its distinctive features
Andréa M. Maechler, Member of the Governing Board of the Swiss National Bank

Money Market Event, Zurich, 23.03.2017

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Since the discontinuation of the minimum exchange rate against the euro at the beginning of 2015, the Swiss National Bank’s (SNB) monetary policy has been based on the negative interest rate and a willingness to intervene in the foreign exchange market as necessary. These measures are aimed at countering upward pressure on the Swiss franc and the associated undesired tightening of monetary

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2017-03-23 – Speech – Dewet Moser, Alternate Member of the Governing Board of the Swiss National Bank: The SNB as a market player

March 23, 2017

The SNB as a market player
Dewet Moser, Alternate Member of the Governing Board of the Swiss National Bank

Money Market Event, Zurich, 23.03.2017

Complete text in German: "Die SNB als Marktakteurin"

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The Swiss National Bank (SNB) is active on the financial markets for two reasons: to implement its monetary policy and its investment policy. In view of the SNB’s mandate, monetary policy has priority. Investment policy is secondary and must not constrain room for manoeuvre in monetary policy. There is, therefore, a key difference in how the two are implemented. For monetary

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New calculation of SNB exchange rate indices

March 22, 2017

Change to a more comprehensive and up-to-date methodology
The Swiss National Bank (SNB) is putting the Swiss franc exchange rate indices it calculates and publishes on a new footing. The adjustment allows the Swiss economy’s competitive and trading relationships to be replicated in a more comprehensive and up-to-date way. The new indices, too, show that the Swiss franc is significantly overvalued.
The SNB exchange rate indices measure the external value of the Swiss franc against the currencies of Switzerland’s key trading partners. Exchange rate indices are calculated on the basis of bilateral exchange rates, information on trade flows, and – in the case of real indices – information on price developments. Due to

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SNB Monetary Policy Assessment March 2017

March 16, 2017

Swiss National Bank leaves expansionary monetary policy
unchanged The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Interest on sight deposits at the SNB is to remain at–0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration. The SNB’s expansionary monetary policy is aimed at stabilising price developments and supporting economic activity. The Swiss franc is still significantly overvalued. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss

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2017-02-27 – Speech – Fritz Zurbrügg, Vice Chairman of the Governing Board of the Swiss National Bank: Cash – tried and tested, and with a future

February 27, 2017

Cash – tried and tested, and with a future
Fritz Zurbrügg, Vice Chairman of the Governing Board of the Swiss National Bank

World Banknote Summit, Basel, 27.02.2017

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The last few months and years have witnessed a growing debate on the future of cash. Its critics say that cash should be abolished, or that cashless alternatives will in any case gradually render it obsolete. However, to paraphrase Mark Twain: Reports of the death of cash have been greatly exaggerated.
This is reflected in the continuing robust demand for cash on the part of the general

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