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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

Currency swap agreement between the Swiss National Bank and the Bank of Korea

7 days ago

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The Swiss National Bank (SNB) and the Bank of Korea (BOK) will enter into a bilateral swap agreement. The agreement will be signed on 20 February 2018 in Zurich by the Chairman of the SNB Governing Board, Thomas Jordan, and the Governor of the BOK, Juyeol Lee. The swap agreement enables Korean won and Swiss francs to be purchased and repurchased between the two central banks, up to a limit of KRW 11.2 trillion, or CHF 10 billion. The BOK and the SNB have enjoyed a constructive exchange of views for many years. This bilateral swap agreement will further strengthen the collaboration between the two institutions.

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2018-01-23 – General public – Q+A Financial stability

29 days ago

Questions and answers on financial stability

What is financial stability, exactly?

What are the tasks of the SNB in the area of financial stability?

Where can I find the SNB’s analyses and assessments on developments in the area of financial stability?

What are macroprudential measures?

What is the countercyclical capital buffer?

Who decides on the use of the countercyclical capital buffer?

What does the mortgage market have to do with financial stability?

Other than the

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2018-01-16 – Speech – Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank: How money is created by the central bank and the banking system

January 16, 2018

How money is created by the central bank and the banking system
Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank

Zürcher Volkswirtschaftliche Gesellschaft, Zurich, 16.01.2018

Complete text

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The financial crisis and the massive expansion of liquidity by central banks have raised the level of public interest in monetary topics. This also applies to the question of how interaction between central banks, commercial banks and the general public affects the supply of money and credit.
Traditionally, a distinction is made between two types of

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Swiss National Bank expects annual profit of CHF 54 billion

January 9, 2018

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Confederation and cantons to receive distribution of at least CHF 2 billion
According to provisional calculations, the Swiss National Bank (SNB) will report a profit in the order of CHF 54 billion for the 2017 financial year. The profit on foreign currency positions amounted to CHF 49 billion. A valuation gain of CHF 3 billion was recorded on gold holdings. The net result on Swiss franc positions amounted to CHF 2 billion.
The allocation to the provisions for currency reserves will be approximately CHF 5.0 billion. After taking into account the distribution reserve of CHF 20.0 billion, the net profit will be in the region of CHF 69 billion. This will allow a dividend payment of CHF 15 per

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