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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

Swiss National Bank, Banque de France, Monetary Authority of Singapore and BIS Innovation Hub to explore cross-border trading and settlement of wholesale CBDCs using DeFi protocols

25 days ago

Project Mariana explores automated market makers (AMM) for the cross-border exchange of hypothetical central bank digital currencies (CBDCs) in Swiss francs, euros and Singapore dollars between financial institutions to settle foreign exchange trades in financial markets.
Mariana uses decentralised finance (DeFi) protocols to automate foreign exchange markets and settlement, potentially improving cross-border payments (and supporting a priority of the G20). Today, DeFi built on public blockchains uses smart contract protocols to automate markets for crypto and digital assets. AMM protocols combine pooled liquidity with innovative algorithms to determine the prices between two or more tokenised assets.
In the future, similar AMM protocols could form the basis for a

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Turnover in foreign exchange and derivatives markets in Switzerland

October 28, 2022

BIS Triennial Survey: April 2022 survey
The SNB has today published the results of the survey on turnover in foreign exchange and over-the-counter (OTC) derivatives markets in Switzerland. The data reflect the turnover in April 2022 of the banks surveyed.
The survey is part of a global survey coordinated by the Bank for International Settlements (BIS) on foreign exchange and OTC derivatives trading. It is conducted every three years and in over 50 countries. This is the 12th time that the SNB has taken part.
The SNB has published a report commenting on selected results for Switzerland, which are also available as charts and tables.


The BIS publishes the full results on foreign exchange and derivatives market turnover on its website (

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Publication on the centenary of the Swiss National Bank’s main building in Zurich: The Pfister Building 1922-2022

September 30, 2022

To mark the centenary of the Swiss National Bank’s main building at Börsenstrasse 15, the SNB is publishing ‘The Swiss National Bank in Zurich: The Pfister Building 1922-2022’ (Verlag Scheidegger & Spiess).
The volume showcases the architecture and documents the construction history of the building from its planning to the present day, including the structural adjustments made to meet changing requirements. It also sheds light on the rise of Zurich as a financial centre, the foundation of the SNB, and the consequences of these developments for Zurich’s downtown cityscape.
One essay places the structure typologically in the tradition of bank buildings from the Middle Ages to the present day, while another considers the work of Gebrüder Pfister, so ubiquitous and

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Swiss Balance of Payments and International Investment Position: Q2 2022

September 23, 2022

In the second quarter of 2022, the current account surplus was CHF 11 billion, almost CHF 1 billion lower than in the same quarter of 2021. The receipts surplus in goods trade, especially merchanting and traditional goods trade (foreign trade total 1), declined. The expenses surpluses in services trade, primary income and secondary income were each lower than in the same quarter of 2021.

In the financial account, reported transactions recorded a net reduction of CHF 6 billion on the assets side and a net incurrence of CHF 7 billion on the liabilities side. The net reduction on the assets side was mostly attributable to ‘other investment’ because resident commercial banks decreased their claims on non-resident banks (interbank business). The net

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