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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

2023-03-23 – Monetary policy assessment of 23 March 2023

3 days ago

Swiss National Bank tightens monetary policy further and raises SNB policy rate to 1.5%
The SNB is tightening its monetary policy further and is raising the SNB policy rate by 0.5 percentage points to 1.5%. In doing so, it is countering the renewed increase in inflationary pressure. It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term. To provide appropriate monetary conditions, the SNB also remains willing to be active in the foreign exchange market as necessary. For some quarters now, the focus has been on selling foreign currency.
The SNB policy rate change applies from tomorrow, 24 March 2023. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate of 1.5%

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Swiss National Bank provides substantial liquidity assistance to support UBS takeover of Credit Suisse

7 days ago

UBS today announced the takeover of Credit Suisse. This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.
With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation.
Both banks have unrestricted access to the SNB’s existing facilities, through which they can obtain liquidity from the SNB in accordance with the ‘Guidelines on monetary policy instruments’.
In addition, and based on the Federal Council’s Emergency Ordinance, Credit Suisse and UBS can obtain a liquidity assistance loan with privileged creditor status in bankruptcy for a total amount of up to

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2023-02-16 – Markus K. Brunnermeier to hold the 2023 Karl Brunner Distinguished Lecture

February 16, 2023

The Swiss National Bank has named Markus K. Brunnermeier as the next speaker for its Karl Brunner Distinguished Lecture Series. Markus K. Brunnermeier is Professor of Economics at Princeton University and also Director of the Bendheim Center for Finance. His research focuses on the interaction between financial markets and the macroeconomy. His work on price bubbles in stock and real estate markets, systemic risks, liquidity crises and digital currencies is of great practical relevance for monetary policy and financial market regulation.
Apart from his academic activities, Markus K. Brunnermeier has worked as an economic advisor for the Deutsche Bundesbank, the Bank for International Settlements and the Congressional Budget Office. In addition, he was a member of

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Swiss balance of payments and international investment position: Q3 2022

December 23, 2022

In the third quarter of 2022, the current account surplus amounted to CHF 24 billion – a very high figure from a long-term perspective. This was attributable to the high surplus in goods trade and the relatively low deficits in services trade and in primary income. Compared to the same quarter of 2021, however, the increase in the current account balance (CHF 2 billion) was moderate because the basis for comparison was also high.
In the financial account, reported transactions in the third quarter of 2022 showed a net reduction in both assets (down by CHF 26 billion) and liabilities (down by CHF 41 billion). On both sides, ‘other investment’ in particular played a key role in this reduction. On the assets side, the SNB reduced its claims on non-residents

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