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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

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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