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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

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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Monetary policy assessment of 15 December 2022

December 15, 2022

Swiss National Bank tightens monetary policy further and raises SNB policy rate to 1.0% The SNB is tightening its monetary policy further and is raising the SNB policy rate by 0.5 percentage points to 1.0%. In doing so, it is countering increased inflationary pressure and a further spread of inflation. 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 is also willing to be active in the foreign exchange market as necessary.
The SNB policy rate change applies from tomorrow, 16 December 2022. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate of 1.0% up to a certain threshold. Sight deposits above this

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Issuance calendar for Confederation bonds and money market debt register claims in 2023

November 30, 2022

The Swiss National Bank (SNB) and the Federal Finance Administration (FFA) advise as follows:
The FFA plans to issue bonds with a face value of CHF 8 billion in 2023. Taking account of bonds maturing in 2023, the volume of bonds outstanding will increase by CHF 3.4 billion. The volume of outstanding money market debt register claims will be kept in a range between CHF 12 billion and 18 billion. Bond auctions take place monthly, except in August, while money market debt register claims are auctioned on a weekly basis.
Based on current planning, the Confederation is reckoning with a funding requirement of just under CHF 8 billion for this year. This stems primarily from a maturing bond worth around CHF 4.6 billion, the repayment of the remaining account balance of

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