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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

Monetary policy assessment of 19 March 2020

11 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

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112th Annual Report Swiss National Bank 2019

12 days ago

The 2019 Annual Report of the Swiss National Bank is published on the SNB website.

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Tags: Featured,newsletter

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SNB Profit in 2019: 48.9 billion (2018: loss of CHF 14.9 billion, 2020 Does not Look Good)

29 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

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2020-02-17 – The SNB’s Karl Brunner Distinguished Lecture Series: Carmen Reinhart to hold fifth lecture

February 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

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