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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

2017-11-16 – Speech – Andréa M. Maechler, Member of the Governing Board of the Swiss National Bank: Developments on the Swiss franc capital market and the SNB’s monetary policy

7 days ago

Developments on the Swiss franc capital market and the SNB’s monetary policy
Andréa M. Maechler, Member of the Governing Board of the Swiss National Bank

Money Market Event, Geneva, 16.11.2017

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Against the backdrop of low interest rates worldwide, the cost of borrowing has steadily fallen in recent years. The SNB’s policy of negative interest has further accentuated this trend in Switzerland. Despite this, the Swiss franc bond market has contracted in recent years.
This is primarily due to the decline of the foreign segment. The domestic segment, by

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2017-11-16 – Speech – Dewet Moser, Alternate Member of the Governing Board of the Swiss National Bank: Focus on foreign exchange market and reference interest rates

7 days ago

Focus on foreign exchange market and reference interest rates
Dewet Moser, Alternate Member of the Governing Board of the Swiss National Bank

Money Market Event, Geneva, 16.11.2017

Complete text in German: "Der Devisenmarkt und die Referenzzinssätze im Brennpunkt"

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Complete text in French: "Zoom sur le marché des changes et les taux d’intérêt de référence"

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(758 KB)

Stable and reliable reference interest rates are of major importance for the

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2017-11-09 – Speech – Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank: Central bank independence since the financial crisis: The Swiss perspective

14 days ago

Central bank independence since the financial crisis: The Swiss perspective
Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank

CFS Presidential Lectures, Goethe Universität, Frankfurt am Main, 09.11.2017

Complete text in German: "Unabhängigkeit von Zentralbanken nach der Finanzkrise: Die Schweizer Perspektive"

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The financial crisis presented central banks with significant challenges. They resorted to unconventional monetary policy instruments and expanded their field of operations. As a result, central banks have faced growing criticism. In particular,

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2017-11-01 – Speech – Fritz Zurbrügg, Vice Chairman of the Governing Board of the Swiss National Bank: Credit, debt and growth

22 days ago

Credit, debt and growth
Fritz Zurbrügg, Vice Chairman of the Governing Board of the Swiss National Bank

Collegium generale lecture series, University of Berne, Berne, 01.11.2017

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Credit is debt, debt is credit. And yet, these two terms have contrasting reputations. While the word debt has a negative connotation, credit gives rise to positive associations. The double-edged nature of credit and debt is also evident from an economic perspective.
On the one hand, credit is one of the cornerstones of a successful economy based on the division of labour. It

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10 Franc Note: Banknote App Updated

October 18, 2017

Discover all of the new Swiss notes on mobile devices
– Click to enlarge
The Swiss National Bank (SNB) is releasing an updated version of ‘Swiss Banknotes’, an app for mobile devices designed to help the public familiarise themselves with the new banknotes.The popular app, which has been downloaded over 70,000 times, now also showcases the new 10-franc note. It can be downloaded free of  charge from the Apple (itunes.apple.com) and Google Play (play.google.com) app stores. Anyone who has already downloaded the software can update it via the relevant app store. The app explains in an eng aging way key information on the security features and interesting details about the design.
‘Swiss Banknotes’ is an augmented

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Swiss National Bank Releases New 10-franc note

October 11, 2017

Third banknote in latest series showcases Switzerland’s organisational talent

– Click to enlarge

The Swiss National Bank (SNB) will begin issuing the new 10-franc note on 18 October 2017. Following the 50-franc and 20-franc notes, it is the third of six denominations in the new banknote series to be released. The current eighth-series banknotes will remain legal tender until further notice.
The inspiration behind the new banknote series is ‘The many facets of Switzerland’. Each denomination depicts a typically Swiss characteristic, which is then illustrated graphically using a range of elements. The 10-franc note focuses on Switzerland’s organisational talent, as expressed in the key motif of time. Core design

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2017-10-11 – Banknotes and coins – 10-franc note

October 11, 2017

The design of the new banknotes at a glance

In the ninth banknote series the Swiss National Bank is breaking new ground on the design front – it is moving away from the depiction of well-known personalities altogether. Each note in the new series depicts a typically Swiss characteristic, which is then illustrated graphically using a key motif. Each characteristic is communicated via an action, a Swiss location and various graphic elements. The inspiration behind the new banknote series is ‘The many facets of Switzerland’.
Click on the banknotes in the overview for information on the corresponding theme and key motif.

10-franc note
The 10-franc note focuses on Switzerland’s organisational

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