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SwissNationalBank

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.

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Articles by SwissNationalBank

2018-04-05 – Speech – Dewet Moser, Alternate Member of the Governing Board of the Swiss National Bank: The financial markets in changing times – Changes yesterday and today: the money and foreign exchange markets

21 days ago

The financial markets in changing times – Changes yesterday and today: the money and foreign exchange markets
Dewet Moser, Alternate Member of the Governing Board of the Swiss National Bank

Money Market Event, Zurich, 05.04.2018

Complete text in German: "Finanzmärkte im Wandel der Zeit – Gestern und heute: Wandel am Geld- und Devisenmarkt"

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(2.7 MB)

Change in the financial markets is not a new phenomenon. In the 19th century, the creation of a telegraph network led to a hitherto unheard of acceleration in the flow of information, which set in motion a fundamental shift in the stock

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2018-04-05 – Speech – Andréa M. Maechler, Member of the Governing Board of the Swiss National Bank: The financial markets in changing times – Changes today and tomorrow: the digital future

21 days ago

The financial markets in changing times – Changes today and tomorrow: the digital future
Andréa M. Maechler, Member of the Governing Board of the Swiss National Bank

Money Market Event, Zurich, 05.04.2018

Complete text

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Fintech, DLT and cryptocurrencies are currently attracting a great deal of attention among the general public and in the financial industry. Although alternative private currencies are nothing new, in the modern digital era they can be created more or less at the click of a mouse. However, that alone does not make cryptocurrencies comparable with money – far

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SNB Monetary policy assessment of 15 March 2018

March 15, 2018

Swiss National Bank leaves expansionary monetary policy unchanged
The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity. 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.
Since the last monetary policy assessment in December, the Swiss franc has appreciated slightly overall on the back of the weaker US dollar. The Swiss franc remains highly valued. The situation in the foreign

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2018-03-05 – Media – Sovereign money initiative

March 5, 2018

Sovereign money initiative

The Swiss popular initiative ‘For crisis-resistant money: end fractional-reserve banking’ (Vollgeld-Initiative) will be put to a vote in a national referendum on 10 June 2018. The initiative calls for the introduction of a sovereign money system in Switzerland. Both the Federal Council and the Swiss parliament oppose the initiative, as does the SNB. The following pages provide background information and explain the rationale for the SNB’s position.

The SNB’s position in brief

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The SNB’s arguments

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