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Articles by SwissNationalBank
2020-03-25 – SNB Working Papers – The effect of monetary policy on the Swiss franc: an SVAR approach6 days ago
2020-03-25 – SNB Working Papers – The impact of SNB monetary policy on the Swiss franc and longer-term interest rates6 days ago
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2020-03-25 – Press release – Swiss National Bank sets up SNB COVID-19 refinancing facility and requests deactivation of countercyclical capital buffer6 days ago
2020-03-23 – Press release – Swiss balance of payments and international investment position: Q4 2019 and review of the year 20198 days ago
2020-03-20 – Press release – Coordinated Central Bank Action to Further Enhance the Provision of U.S. Dollar Liquidity11 days ago
Swiss National Bank maintains expansionary monetary policy, raises negative interest exemption threshold, and is examining additional steps
Coronavirus is posing exceptionally large challenges for Switzerland, both socially and economically. Uncertainty has risen considerably worldwide, and the outlook both for the global economy and for Switzerland has worsened markedly. The Swiss franc is even more highly valued, and the world’s financial markets are under strong pressure.
In these exceptional circumstances, the SNB’s expansionary monetary policy is more necessary than ever for ensuring appropriate monetary conditions in Switzerland. It is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%. The SNB is intervening more strongly in the
The 2019 Annual Report of the Swiss National Bank is published on the SNB website.
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2020-03-16 – Financial markets – Public bonds of the Swiss Confederation according to maturity (situation at 16.03.2020)15 days ago
2020-03-15 – Press release – Coordinated Central Bank Action to Enhance the Provision of Global U.S. Dollar Liquidity16 days ago
The increasing volatility of SNB Earnings
Annual results are not really definite. Given that the SNB accumulates foreign currencies with interventions, they have huge swings.
But the SNB may lose 50 billion in one year and win 60 billion in the next year or vice verse.
Good years of the Credit Cycle
This trend was stopped in 2016, even without the need for a cap on the franc. But one should consider that we are in the good years of the credit cycle now. Bad quarters like the one in Q4/2018 are rare now.
Franc will rise again with crisis or inflation
With a new financial crisis or a with a big rise of inflation, the run into the Swiss franc will start again.
And this at an exchange rate that is not digestible for the SNB.
We considered that after an inflationary
2020-03-02 – Press release – FDF and SNB enter into supplementary agreement regarding SNB profit distribution29 days ago
2020-02-17 – The SNB’s Karl Brunner Distinguished Lecture Series: Carmen Reinhart to hold fifth lectureFebruary 18, 2020
The SNB’s Karl Brunner Distinguished Lecture Series:Carmen Reinhart to hold fifth lecture
The Swiss National Bank is honouring Carmen Reinhart with this year’s Karl Brunner Distinguished Lecture Series. Carmen Reinhart is an influential economist who has made outstanding contributions to macroeconomics. She has been Professor of the International Financial System at Harvard Kennedy School since 2012, and also currently serves on the Economic Advisory Panel of the Federal Reserve Bank of New York. Professor Reinhart was also a Senior Policy Advisor and Deputy Director at the International Monetary Fund. Her work has helped improve the understanding of financial crises, exchange rate and commodity price vo lat ilit y, investment and saving, imperfect capital