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Swiss National Bank


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

The Swiss National Bank reports a profit of CHF 51.5 billion for the first three quarters of 2019

15 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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2019-10-22 – Swiss National Bank opens SNB Forum for interested expert audience

24 days ago

Today, the Swiss National Bank is opening the SNB Forum on the ground floor of its premises at Fraumünsterstrasse 8 in Zurich. This has been created as part of the mult i-yearrenovation of this building, and is open to the public.
The SNB Forum’s content is aimed at an interested expert audience – visitors will be able to find out all about the National Bank at the site. In addition, the Forum will function as an issue and return point for literature from the SNB Library and provide access to the SNB Archives. SNB publications will also be available here. Visitors can explore the history of the SNB and payment transactions as well as obtain information on Switzerland’s direct investment through an interactive media wall. The media wall also offers a vivid and

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SNB and BIS sign Operational Agreement on BIS Innovation Hub Centre in Switzerland

October 10, 2019

The Swiss National Bank (SNB) and the Bank for International Settlements (BIS) have today signed an Operational Agreement on the BIS Innovation Hub Centre in Switzerland.
The Hub will identify and develop in-depth insights into critical trends in technology affecting central banking, develop public goods in the technology space geared towards improving the functioning of the global financial system, and serve as a focal point for a network of central bank experts on innovation. In the initial phase, Hub Centres will be established in Switzerland, Hong Kong and Singapore.
The Swiss Centre will initially conduct research on two projects. The first of these will examine the integration of digital central bank money into a distributed ledger technology infrastructure.

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Switzerland’s international investment position: Focus article ‘Breakdown of changes in stocks’ and extension of data offering

September 21, 2019

The Swiss National Bank has today published a focus article on its data portal entitled ‘Switzerland’s international investment position – breakdown of changes in stocks’ (, Resources, International economic affairs, Focus articles).
The article examines the extension of the data the SNB provides on Switzerland’s international investment position (IIP). In addition to information on the stocks in the IIP and the transactions in the financial account, the SNB will from now on also publish data on changes to the IIP other than transactions. It will also break these changes down according to their causes. Users will, for example, be able to find information on how exchange rate changes have influenced the various IIP components. The corresponding table is

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Swiss Balance of Payments and International Investment Position: Q2 2019

September 20, 2019

Current Account
Key figures:
Current Account: Down 2.07% against Q2/2018 to 21.3 bn. CHF
of which Goods Trade Balance: Minus 1.52% against Q2/2018 to 14.24 bn.
of which the Services Balance: Plus 0.85% to 4.72 bn.
of which Investment Income: Minus 1.67% to 10.61 bn. CHF.

Current Account Switzerland Q2 2019(see more posts on Switzerland Balance of Payments, Switzerland Capital Account, Switzerland Current Account, Switzerland Financial Account, ) Source: – Click to enlarge

Financial account
The following is from the official press release and gives more details on the other parts of the financial account.

Net acquisition of financial assets
The assets side of the financial account registered a total net acquisition of CHF 11 billion (Q2 2018: net

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