SNB News
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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.
2023-11-14 – Thomas Jordan: Policy-making under uncertainty: The importance of maintaining a medium-term orientation
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Read More »2023-11-13 – Data portal – Important monetary policy data, 13 November 2023
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Read More »2023-11-09 – Thomas Moser: Implementing monetary policy with positive interest rates and a large balance sheet: First experiences
In September 2022, the Swiss National Bank (SNB) raised its policy rate back into positive territory. At the same time, it adopted a new approach to implementing monetary policy in the money market. This approach employs two levers: the tiered remuneration of reserves, also referred to as reserve tiering, and reserve absorption. The speech explains why, with a large central bank balance sheet, remunerating the reserve holdings of commercial banks is the only practical way...
Read More »2023-11-09 – Martin Schlegel: A pillar of financial stability – The SNB’s role as lender of last resort
As part of its contribution to the stability of the financial system, the Swiss National Bank acts as lender of last resort. In this role, it makes emergency liquidity assistance available to banks when, in crisis situations, they need substantial liquid funds which they are no longer able to obtain on the market. The SNB provides this liquidity assistance in the form of secured loans. It accepts a broad range of collateral for this - in particular also illiquid assets....
Read More »2023-11-07 – Data portal – Exchange rate indices, November 2023
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Read More »2023-11-07 – Data portal – IMF SDDS Plus, 7 November 2023
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Read More »2023-11-06 – Data portal – Important monetary policy data, 6 November 2023
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Read More »WP – 2023-11-06 – Romain Baeriswyl, Alex Oktay and Marc-Antoine Ramelet: Exchange rate shocks and equity prices: the role of currency denomination
Keywords International asset pricing, Law of one price, Exchange rate shocks, Cross-listing We find that the response of stock prices to the exchange rate reflects a currency denomination effect—that is, a change in the relative international value of firms’ cash flows and equity—rather than a change in domestic economic conditions. To do so, we compute exogenous movements for the...
Read More »2023-11-02 – Press release – SNB launches pilot project with central bank digital currency for financial institutions
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