le News

On 26 March 2020, the Swiss National Bank (SNB) announced it would lend unlimited money to banks to shore up the economy. © Swisshippo | Dreamstime.comIts COVID-19 refinancing facility (CRF), is aimed at strengthening the supply of credit to the Swiss economy by providing the banking system with additional liquidity. The SNB said there would be no upper limit on the amounts available, and drawdowns could be made by banks at any time, enabling banks to expand their lending rapidly and on...

On 16 April 2020, the Swiss government presented its plan for emerging from its coronavirus shutdown. © Viorel Dudau | Dreamstime.comOver the last few days the number of recorded new daily infections has been far below the worst days experienced since the outbreak began. In March 2020, daily new cases regularly exceed 1,000, occasionally exceeding 1,300. Over the last two days they have been around 400, a figure that varies depending on how data collection delays are handled. Slow down...

On 8 April 2020, Switzerland’s government decided to extend the country’s lockdown measures for a further week. © Sorin Colac | Dreamstime.comIn a press release the Federal Council said the measures would be extended for another week and then possibly progressively loosened before the end of April. The measures have proved to be effective with the spread of the virus clearly reducing over recent days, said the statement. However, given the evolution of the spread and scientific...

Tourism is one of the sectors hardest hit by the coronavirus and the response to it. © Erfphotog | Dreamstime.comFigures from a study by HES-SO Valais published by the newspaper Blick suggest the industry will see revenues in Switzerland drop 18%, or CHF 6.4 billion, in 2020. The hotel sector alone, which generates around CHF 10 billion annually, could lose CHF 2 billion if the shutdown lasts until the end of May, according to the forecast. The cancelation of events in Geneva,...

Coop and Migros, Switzerland’s two largest supermarkets have decided to limit the number of people entering their stores, creating queues outside, according to RTS. To reduce the spread of Covid-19, shopper density has been reduced to one person per 10 m2, which drastically reduces the number of people allowed inside simultaneously. In addition, shopping in the two chains has been restricted to the food section. Other areas have been closed. On top of the hassle of needing to queue,...

In response to the increased spread of the novel Coronavirus Switzerland’s health authority has issued new hygiene advice, which includes avoiding hand shakes. © Rido | Dreamstime.comThis additional measure was added recently along with two others: dispose of used paper tissues in a sealed waste bin and always call ahead before going to the doctor’s or the emergency department. The government campaign ‘Protect yourself and others’ tells you how you can apply basic hygiene rules and...

In 2019, the Swiss National Bank (SNB) made a profit of around CHF 49 billion.  © Michael Müller | Dreamstime.comThese profits came mainly from the rising value of the assets on the bank’s balance sheet. In 2019, the value of its holdings of foreign currency and gold rose substantially. When combined with interest, dividend income and gains on shares total profits for the year were CHF 49 billion. When combined with past retained profits, the SNB’s total accumulated profits rose to CHF 88...

Every three months the rate of interest used to benchmark Swiss rents is reviewed. If it goes down some renters have the right to request a decrease in rent. This time the reference rate fell from 1.50% to 1.25%. © Ocskay Mark | Dreamstime.comThe last time it dropped was 2 June 2017 when it fell to 1.5%. The rate is based on the average Swiss mortgage rate over three months. This rate is then rounded to the nearest 0.25%. On 31 December 2019 that rate was 1.37%, which is closer to...

In 2017, 18.9% of Switzerland’s population lived in a household with outstanding debt repayments, a percentage that has rose from 17.7% over the proceeding 4 years.  © Kawee Srital On | Dreamstime.comThe most common forms of outstanding debts were taxes, health insurance premiums and phone bills. 9.9% of households had outstanding tax payments, 7.3% owed health insurance money and 5.2% had an outstanding telecommunications bill.  The most common reason for going into debt was to buy a...

Swiss Post has said it will no longer accept packages addressed to China, according to Tribune de Genève. © Wimseyed | Dreamstime.comBecause of the covid-19 virus, airlines have stopped or drastically reduced flights to China. This fall in air traffic has reduced postal service capacity to China by two thirds. Mail can still be sent if it is marked urgent, however delivery times cannot be guaranteed. Denmark, Georgia, Greece, Romania, Serbia, Singapore, Spain and the US have also...