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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

2024-05-14 – Data portal – IMF SDDS Plus, 14 May 2024

5 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-05-13 – Data portal – Important monetary policy data, 13 May 2024

6 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-05-08 – Data portal – Exchange rate indices, May 2024

11 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-05-07 – Data portal – IMF SDDS Plus, 7 May 2024

12 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-05-06 – Thomas Jordan: Project Helvetia III – The SNB’s pilot for wholesale CBDC

13 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-05-06 – Data portal – Important monetary policy data, 6 May 2024

13 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-05-02 – Data portal – Interest rates and exchange rates, May 2024

17 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-04-30 – Data portal – SNB balance sheet items end of March 2024

19 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-04-30 – Data portal – IMF SDDS Plus, 30 April 2024

19 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-04-30 – Press release – Swiss Financial Accounts: Household wealth in 2023

19 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-04-30 – Data portal – Swiss Financial Accounts, Q4 2023

19 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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WP – 2024-04-30 – Jessica Gentner: The role of hedge funds in the Swiss franc foreign exchange market

20 days ago

This paper investigates the role of hedge funds within the Swiss franc (CHF) foreign exchange (FX) market, using a novel and comprehensive flow dataset that covers a large proportion of the CHF FX market. Employing a two-stage-least-squares (2SLS) approach, I isolate the causal effect of hedge funds’ net flow on CHF returns, taking into account reverse causality. The analysis reveals that hedge funds’ net flow significantly impacts CHF returns, with a net buying of one billion leading to an approximate 0.4% increase in returns. In contrast, the net flow from other market participants has a negligible impact, even when potential reverse causality is dismissed. This influence of hedge funds’ net flow becomes particularly noticeable on days when the Swiss National Bank (SNB)

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2024-04-29 – Data portal – Important monetary policy data, 29 April 2024

20 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-04-26 – Thomas Jordan: Price stability thanks to forward-looking monetary policy

23 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-04-26 – Barbara Janom Steiner: A robust institutional framework as the foundation for success

23 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-04-23 – Press release – Interim results of the Swiss National Bank as at 31 March 2024

26 days ago

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

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2024-04-18 – Antoine Martin / Thomas Moser: The implementation and transmission of the SNB’s monetary policy during the recent tightening cycle

April 18, 2024

Since peaking at 3.5% in August 2022, inflation in Switzerland has fallen sharply and stood at 1.0% in March 2024. This speech discusses how the implementation and transmission of the Swiss National Bank’s monetary policy contributed to this substantial decline in inflation. By implementing its policy rate effectively in the secured short-term Swiss franc money market and by ensuring broad transmission to all relevant financial market interest rates and Swiss franc exchange rates, the SNB was able to rapidly dampen inflation in Switzerland. As a complement to its interest rate policy, the SNB sold foreign exchange to counter inflationary pressures from abroad. While interest rate policy is the SNB’s main lever for influencing monetary conditions, in a small open economy

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2024-04-09 – Martin Schlegel: Interest rates and foreign exchange interventions: Achieving price stability in challenging times

April 9, 2024

For decades, the exchange rate has played a key role for the Swiss economy and for the Swiss National Bank’s monetary policy. However, it was only with the global financial crisis in 2008/2009 that the SNB started to intervene in the foreign exchange market on a large scale.Foreign exchange interventions were necessary to achieve the SNB’s mandate of price stability. To maintain price stability, the SNB influences monetary conditions – primarily by setting the SNB policy rate as well as by intervening in the foreign exchange market if necessary.The SNB has used foreign exchange interventions both in phases of low and high inflation. It purchased foreign currency between 2009 and 2021 to counteract deflation risk when the policy rate was close to its effective lower

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2024-04-08 – Thomas Jordan: Towards the future monetary system

April 8, 2024

Introductory remarks, event "Towards the future monetary system", Zurich, 08.04.2024

Central bank money and commercial bank money complement each other in the current monetary system. Central bank money comprises sight deposits of banks held at the central bank and banknotes, whereas commercial bank money comprises client deposits at banks. Payments between banks are settled in central bank money, thereby anchoring the value of commercial bank money. It is essential for a central bank to maintain this anchor role of central bank money in the monetary system, irrespective of future technological innovations.Distributed ledger technology and the tokenisation of assets promise to improve financial market infrastructures. For the SNB, this raises the question: How can

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