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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

2020-10-22 – Media – Why the SNB opposes the Initiative against war trade

1 day ago

The Swiss popular initiative ‘For a ban on financing war material manufacturers’ (Initiative against war trade) will be put to a national vote on 29 November 2020. The SNB opposes the initiative. This page provides background information and explains the rationale for the SNB’s position.
The aim of the initiative
The proposal is to prohibit the old-age and survivors’ insurance scheme (AHV), pension funds, foundations and also the SNB from holding securities issued by companies that derive more than 5% of their annual turnover from the production of war material. It would also be illegal to grant credit to such companies.
Why the SNB opposes the initiative
The new constitutional requirement would create legal uncertainty and major practical

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Central banks and BIS publish first central bank digital currency (CBDC) report laying out key requirements

15 days ago

Seven central banks and the BIS release a report assessing the feasibility of publicly available CBDCs in helping central banks deliver their public policy objectives.
Report outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue.
Central banks to continue investigating CBDC feasibility without committing to issuance.
A group of seven central banks together with the Bank for International Settlements (BIS) today published a report identifying the foundational principles necessary for any publicly available CBDCs to help central banks meet their public policy objectives.
The report, Central bank digital currencies: foundational principles and core features, was compiled by the Bank of Canada, the Bank of

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Adjustments to publication of data on money and foreign exchange market operations

27 days ago

Additional data on money market operations and more frequent publication of volume of foreign exchange market interventions
From 30 September 2020, the Swiss National Bank will be publishing more detailed data on its money and foreign exchange market operations on its data portal. Regarding money market operations, the SNB will now publish information on the conditions and volume of individual monetary policy-related transactions at the end of each month for the previous month. With respect to foreign exchange market operations, the volume of which has hitherto been communicated annually in the accountability report, the volume of interventions will now be disclosed at the end of each quarter for the previous quarter.
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Monetary policy assessment of 24 September 2020

29 days ago

Swiss National Bank maintains expansionary monetary policy
The coronavirus pandemic continues to exert a strong influence on economic developments. The SNB is therefore maintaining its expansionary monetary policy. In so doing, it aims to cushion the negative impact of the pandemic on economic activity and inflation.
The SNB is keepingthe SNB policy rate and interest on sight deposits at the SNB at −0.75%.In view of the fact that the Swiss franc is still highly valued, the SNB remains willing to intervene more strongly in the foreign exchange market, while taking the overall exchange rate situation into consideration. The SNB continues to supply the banking system with generous amounts of liquidity via the SNB COVID-19 refinancing facility (CRF). It is also active

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