SNB News

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Since peaking at 3.5% in August 2022, inflation in Switzerland has fallen sharply and stood at 1.0% in March 2024. This speech discusses how the implementation and transmission of the Swiss National Bank's monetary policy contributed to this substantial decline in inflation. By implementing its policy rate effectively in the secured short-term Swiss franc money market and by ensuring broad transmission to all relevant financial market interest rates and Swiss franc exchange...

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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...

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...

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