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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 Swiss National Bank

Monetary policy assessment of 24 September 2020

2 days ago

Swiss National Bank maintains expansionary monetary policy
The coronavirus pandemic continues to exert a strong influence on economic developments. The SNB is therefore maintaining its expansionary monetary policy. In so doing, it aims to cushion the negative impact of the pandemic on economic activity and inflation.
The SNB is keepingthe SNB policy rate and interest on sight deposits at the SNB at −0.75%.In view of the fact that the Swiss franc is still highly valued, the SNB remains willing to intervene more strongly in the foreign exchange market, while taking the overall exchange rate situation into consideration. The SNB continues to supply the banking system with generous amounts of liquidity via the SNB COVID-19 refinancing facility (CRF). It is also active

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U.S. dollar liquidity-providing operations from 1 September 2020

August 21, 2020

In view of continuing improvements in U.S. dollar funding conditions and the low demand at recent 7-day maturity U.S. dollar liquidity-providing operations, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to further reduce the frequency of their 7-day operations from three times per week to once per week. This operational change will be effective as of 1 September 2020. At the same time, these central banks will continue to hold weekly operations with an 84-day maturity.
These central banks stand ready to re-adjust the provision of U.S. dollar liquidity as warranted by market conditions. The swap lines among these central banks are available standing

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