SNB

SNB

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 SNB

2023-03-23 – Monetary policy assessment of 23 March 2023

The SNB is tightening its monetary policy further and is raising the SNB policy rate by 0.5 percentage points to 1.5%. In doing so, it is countering the renewed increase in inflationary pressure. 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 also remains willing to be active in the foreign exchange market as necessary.

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Swiss balance of payments and international investment position: Q3 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.

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Swiss Balance of Payments and International Investment Position: Q2 2022

In the second quarter of 2022, the current account surplus was CHF 11 billion, almost CHF 1 billion lower than in the same quarter of 2021. The receipts surplus in goods trade, especially merchanting and traditional goods trade (foreign trade total 1), declined. The expenses surpluses in services trade, primary income and secondary income were each lower than in the same quarter of 2021.

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Annual banking statistics for 2021

The Swiss National Bank has today published data on the annual financial statements of banks in Switzerland for the 2021 financial year. For the first time, the published data also comprises bank office data (Domestic office perspective) in addition to the data from individual financial statements (Parent company perspective) and consolidated financial statements (Group perspective).

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Swiss Financial Accounts: Household wealth in 2021

The Swiss National Bank is today publishing financial accounts data for Q4 2021. Data on household wealth are thus available for the whole of 2021; a commentary is provided below. This is followed by a detailed look at the development of the financial net worth of the Swiss economy’s institutional sectors since the onset of the coronavirus pandemic.

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Swiss balance of payments and international investment position: 2021 and Q4 2021

Current Account 2013-2021

The current account surplus in 2021 was CHF 69 billion, up CHF 49 billion on the previous year, which was heavily influenced by the coronavirus pandemic. The increase in the current account surplus was almost entirely due to the higher receipts surplus in goods trade (up CHF 45 billion). Here a significantly higher receipts surplus was recorded in both traditional goods trade (foreign trade total 1) and merchanting than in the previous year. Furthermore, there was a reduction in the expenses surplus in non-monetary gold trading.

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Swiss National Bank renews its commitment to adhere to the FX Global Code

The Swiss National Bank (SNB) has renewed the Statement of Commitment to the FX Global Code based on the revised version of the Code dated July 2021. By signing this Statement, the SNB attests that its internal processes are consistent with the principles of the FX Global Code. The SNB also expects its regular counterparties to comply with the agreed rules of conduct.

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Swiss National Bank expects annual profit of around CHF 26 billion for 2021

According to provisional calculations, the Swiss National Bank will report a profit in the order of around CHF 26 billion for the 2021 financial year. The profit on foreign currency positions amounted to just under CHF 26 billion. A valuation loss of CHF 0.1 billion was recorded on gold holdings. The net result on Swiss franc positions amounted to over CHF 1 billion.

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Swiss balance of payments and international investment position: Q3 2021

Current Account Q3 2019-Q3 2021

In the third quarter of 2021, the current account surplus amounted to CHF 24 billion, CHF 10 billion more than in the same quarter of 2020. The increase was mainly attributable to the significantly higher receipts surplus in goods trade. This surplus was due to traditional goods trade (foreign trade total 1), non-monetary gold trading, as well as to merchanting.

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Monetary policy assessment of 16 December 2021: Swiss National Bank maintains expansionary monetary policy

The SNB is maintaining its expansionary monetary policy. It is thus ensuring price stability and supporting the Swiss economy in its recovery from the impact of the coronavirus pandemic. It is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%, and remains willing to intervene in the foreign exchange market as necessary, in order to counter upward pressure on the Swiss franc.

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SNB Monetary Policy Assessment June 2021

SNB Switzerland Conditional Inflation Forecast, June 2021

The SNB is maintaining its expansionary monetary policy with a view to ensuring price stability and providing ongoing support to the Swiss economy in its recovery from the impact of the coronavirus pandemic. It is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%, and remains willing to intervene in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

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Recall of banknotes from eighth series

The Swiss National Bank is recalling its eighth-series banknotes as of 30 April 2021. From this date on, the banknotes from the eighth series lose their status as legal tender and can no longer be used for payment purposes.

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2021-04-23 – U.S. dollar liquidity-providing operations from 1 July 2021

In view of the sustained improvements in U.S. dollar funding conditions and low demand at recent 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 discontinue offering dollar liquidity at the 84-day maturity.

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Monetary policy assessment of 17 December 2020

SNB Switzerland Conditional Inflation Forecast, December 2020

The coronavirus pandemic is continuing to have a strong adverse effect on the economy. Against this difficult backdrop, the SNB is maintaining its expansionary monetary policy with a view to stabilising economic activity and price developments.

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Romeo Lacher and Christoph Mäder nominated for election to the SNB Bank Council

At its meeting today, the Bank Council of the Swiss National Bank decided to propose to the General Meeting of Shareholders of 30 April 2021 that Romeo Lacher and Christoph Mäder be elected to the SNB Bank Council for the remainder of the 2020–2024 term of office. Romeo Lacher is Chairman of the Board of Directors of Julius Baer Group Ltd. and Bank Julius Baer & Co. Ltd.

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Monetary policy assessment of 24 September 2020

SNB Switzerland Conditional Inflation Forecast, September 2020

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.

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

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Banks in Switzerland 2019

Key Figures for 2019

The Swiss National Bank has today published its report Banks in Switzerland 2019 and the corresponding data for its annual banking statistics. The most important figures are summarised below.

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SNB Monetary Policy Assessment June 2020 and Videos

SNB Switzerland Conditional Inflation Forecast, June 2020

The coronavirus pandemic and the measures implemented to contain it have led to a severe downturn in economic activity and a decline in inflation both in Switzerland and abroad. The SNB’s expansionary monetary policy remains necessary to ensure appropriate monetary conditions in Switzerland.

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Monetary policy assessment of 19 March 2020

SNB Switzerland Conditional Inflation Forecast, March 2020

Swiss National Bank maintains expansionary monetary policy, raises negative interest exemption threshold, and is examining additional steps. Coronavirus is posing exceptionally large challenges for Switzerland, both socially and economically. Uncertainty has risen considerably worldwide, and the outlook both for the global economy and for Switzerland has worsened markedly.

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2020-02-17 – The SNB’s Karl Brunner Distinguished Lecture Series: Carmen Reinhart to hold fifth lecture

The Swiss National Bank is honouring Carmen Reinhart with this year’s Karl Brunner Distinguished Lecture Series. Carmen Reinhart is an influential economist who has made outstanding contributions to macroeconomics. She has been Professor of the International Financial System at Harvard Kennedy School since 2012, and also currently serves on the Economic Advisory Panel of the Federal Reserve Bank of New York.

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Monetary policy assessment of 12 December 2019

Conditional Inflation Forecast, December 2019

The Swiss National Bank is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%. It remains willing to intervene in the foreign exchange market as necessary, while taking the overall currency situation into consideration. The expansionary monetary policy continues to be necessary given the inflation outlook in Switzerland.

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2019-12-03 – Amendment of National Bank Ordinance

Changes due to entry into force of FinSA/FinIA andadjustments to minimum reserve requirements. The Swiss National Bank is amending the National Bank Ordinance (NBO). Various terms used in the NBO will be revised in connection with the entry into force of the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) as of 1 January 2020.

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Swiss Financial Accounts, 2018 edition

Capital losses and transactions influence household financial wealth

The financial assets of households were influenced by two factors in 2018: First, falling share prices led to high capital losses and, second, households grew their financial wealth through transactions. They increased their insurance and pension scheme entitlements, expanded their bank deposits and invested in securities. Overall, household financial assets fell slightly by CHF 14 billion to CHF 2,586 billion (down 0.6%) – the first decline in ten years

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SNB and BIS sign Operational Agreement on BIS Innovation Hub Centre in Switzerland

The Swiss National Bank (SNB) and the Bank for International Settlements (BIS) have today signed an Operational Agreement on the BIS Innovation Hub Centre in Switzerland. The Hub will identify and develop in-depth insights into critical trends in technology affecting central banking, develop public goods in the technology space geared towards improving the functioning of the global financial system, and serve as a focal point for a network of central bank experts on innovation.

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100-franc note enters circulation today

SNB banknote app with information on all new denominations. Issuance of the new 100-franc note presented a week ago begins today, 12 September. The complete version of the Swiss National Bank’s ‘Swiss Banknotes’ app is now also available. It has been updated to include the 100-franc note and features information on all six new denominations.

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Swiss National Bank Presents New 100-Franc Note

100-Franc Note

The Swiss National Bank (SNB) will begin releasing the new 100-franc note on 12 September 2019, bringing the issuance of the ninth banknote series to a close. The first denomination in the new series, the 50-franc note, entered circulation on 13 April 2016. This was followed by the 20, 10, 200 and 1000-franc notes, which were released at six or twelve-month intervals.

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Banks in Switzerland 2018

Key Figures for 2018

The Swiss National Bank has today published its report Banks in Switzerland 2018 and the corresponding data for its annual banking statistics. The most significant events are summarised below.

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Monetary policy assessment of 13 June 2019

SNB Switzerland Conditional Inflation Forecast

The Swiss National Bank is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is unchanged at –0.75%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

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Expansion of SNB statistics

New Focus Article series published on data portal. The Swiss National Bank is expanding its offering in the field of statist ics. It is to start publishing articles on selected statistical subjects at irregular intervals. These articles will appear on the SNB data portal (data.snb.ch, Resources, International economic affairs, Focus articles) as so-called focus articles.

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Monetary policy assessment of 21 March 2019

SNB Switzerland Conditional Inflation Forecast, March 2019

The Swiss National Bank is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB remains at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

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1000-Franc Note Enters Circulation Today

1000-franc Banknotes Circulation Today

Issuance of the new 1000-franc note presented a week ago begins today, 13 March. The Swiss National Bank’s ‘Swiss Banknotes’ app has now been updated to include the new note. The app, which has been downloaded some 110,000 times, can be obtained free of charge from the Apple (itunes.apple.com) and Google Play (play.google.com) app stores.

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Swiss National Bank releases new 1000-franc note

The Swiss National Bank (SNB) will begin issuing the new 1000-franc note on 13 March 2019. Following the 50, 20, 10 and 200-franc notes, this is the fifth of six denominations in the new banknote series to be released. The current eighth-series banknotes remain legal tender until further notice.

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The SNB’s Karl Brunner Distinguished Lecture Series: Raghuram Rajan announced as next speaker

The Swiss National Bank (SNB) has named Raghuram Rajan as this year’s speaker for its Karl Brunner Distinguished Lecture Series. Professor Rajan has made outstanding contributions to both economic practice and economic research on the global stage. His roles have included Governor of the Reserve Bank of India from 2013 until 2016 and Chief Economist at the IMF between 2003 and 2006.

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Monetary Policy Assessment of 20 September 2018

SNB Switzerland Conditional Inflation Forecast

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB remains at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

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SNB banknote app updated for new 200-franc note

The Swiss National Bank’s ‘Swiss Banknotes’ app is designed to help the public familiarise themselves with the new banknotes. The popular app, which has been downloaded some 100,000 times, now also showcases the new 200-franc note. It can be downloaded free of charge from the Apple (itunes.apple.com) and Google Play (play.google.com) app stores.

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Swiss National Bank releases new 200-franc note

Fourth banknote in latest series showcases Switzerland’s scientific expertise. The Swiss National Bank (SNB) will begin issuing the new 200-franc note on 22 August 2018. Following the 50, 20 and 10-franc notes, this is the fourth of six denominations in the new banknote series to be released. The current eighth-series banknotes will remain legal tender until further notice.

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SNB Statement on the outcome of the popular vote of 10 June 2018

The Swiss National Bank (SNB) has acknowledged the outcome of the popular vote on the sovereign money initiative. The SNB has a constitutional and statutory mandate to pursue a monetary policy serving the interests of the country as a whole. It is charged with ensuring price stability while taking due account of economic developments.

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Results of the 2017 survey on payment methods

In the autumn of 2017, the Swiss National Bank (SNB) conducted a survey on payment methods for the first time. The aim of the survey is to obtain representative information on payment behaviour and the use of cash by house holds in Switzerland, and to ascertain the underlying motives for this behaviour.

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SNB Monetary policy assessment of 15 March 2018

SNB Switzerland Conditional Inflation Forecast

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

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Currency swap agreement between the Swiss National Bank and the Bank of Korea

Swiss - Korea

The Swiss National Bank (SNB) and the Bank of Korea (BOK) will enter into a bilateral swap agreement. The agreement will be signed on 20 February 2018 in Zurich by the Chairman of the SNB Governing Board, Thomas Jordan, and the Governor of the BOK, Juyeol Lee. The swap agreement enables Korean won and Swiss francs to be purchased and repurchased between the two central banks, up to a limit of KRW 11.2 trillion, or CHF 10 billion.

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Swiss National Bank expects annual profit of CHF 54 billion

Swiss National Bank

According to provisional calculations, the Swiss National Bank (SNB) will report a profit in the order of CHF 54 billion for the 2017 financial year. The profit on foreign currency positions amounted to CHF 49 billion. A valuation gain of CHF 3 billion was recorded on gold holdings. The net result on Swiss franc positions amounted to CHF 2 billion.

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Direct Investments in 2016

Direct Investment 2016: Switzerland

In 2016, companies domiciled in Switzerland invested CHF 71 billion abroad. Swiss direct investment abroad thus fell short of the CHF 90 billion recorded in 2015, due primarily to lower investment activity by finance and holding companies. All other industry categories combined actually exceeded the level of the previous year with investment abroad of CHF 62 billion (2015: CHF 46 billion). Of this total, CHF 29 billion was accounted for by manufacturing and CHF 33 billion by services.

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SNB Monetary policy assessment of 14 December 2017

SNB Switzerland Conditional Inflation Forecast

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

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Swiss Financial Accounts, 2016 edition

Stocks of Financial Assets and Liabilities of Institutional Sector in 2016

Financial assets and liabilities of the institutional sectors The financial accounts form part of Switzerland’s system of national accounts. They show the financial assets and liabilities of the economy’s institutional sectors, which are non-financial and financial corporations, general government and households. The major developments in the financial accounts are outlined below.

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10 Franc Note: Banknote App Updated

snb_10_francs

The Swiss National Bank (SNB) is releasing an updated version of ‘Swiss Banknotes’, an app for mobile devices designed to help the public familiarise themselves with the new banknotes.The popular app, which has been downloaded over 70,000 times, now also showcases the new 10-franc note. It can be downloaded free of charge from the Apple (itunes.apple.com) and Google Play (play.google.com) app stores.

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Swiss National Bank Releases New 10-franc note

snb_10_francs

The Swiss National Bank (SNB) will begin issuing the new 10-franc note on 18 October 2017. Following the 50-franc and 20-franc notes, it is the third of six denominations in the new banknote series to be released. The current eighth-series banknotes will remain legal tender until further notice.

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Survey on the use of payment methods in Switzerland

The Swiss National Bank (SNB) is this year conducting a survey on payment methods for the first time. Over the coming months, 2,000 people resident in Switzerland will be asked about their habits regarding the use of payment methods. The aim of the survey is to obtain representative information on the Swiss population’s use of various payment methods and to identify any changes in this respect.

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Banks in Switzerland 2016

Overview 2016

Summary of the 2016 banking year. In 2016, 226 of the 261 banks in Switzerland reported a profit, taking total profit to CHF 11.8 billion. The remaining 35 institutions recorded an aggregate loss of CHF 3.9 billion. The result of the period for all banks was thus CHF 7.9 billion.

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SNB Monetary Policy Assessment June 2017 and Comments

SNB Switzerland Conditional Inflation Forecast

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%.

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Swiss National Bank releases updated banknote app

The Swiss National Bank (SNB) is releasing an app for mobile devices, designed to help the public familiarise themselves with the new banknotes. The app – an updated version of the ‘50-franc’ app launched last year to accompany the issue of the new 50-franc note – is now called ‘Swiss Banknotes’ and can be downloaded free of charge from the Apple (itunes.apple.com) and Google Play (play.google.com) app stores.

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Swiss National Bank releases new 20-franc note

Second ninth-series note showcases Switzerland’s creativity. The Swiss National Bank (SNB) will begin issuing the new 20-franc note on 17 May 2017. It is the second of six denominations in the new banknote series to be released. The current eighth-series banknotes will remain legal tender until further notice.

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New calculation of SNB exchange rate indices

Swiss National bank bern

Change to a more comprehensive and up-to-date methodology. The Swiss National Bank (SNB) is putting the Swiss franc exchange rate indices it calculates and publishes on a new footing. The adjustment allows the Swiss economy’s competitive and trading relationships to be replicated in a more comprehensive and up-to-date way. The new indices, too, show that the Swiss franc is significantly overvalued.

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Swiss Financial Accounts, 2015 edition

Balance Sheet of Households

This year, the Swiss financial accounts, which have been released by the Swiss National Bank since 2005, feature changes affecting both timeliness and presentation.
For the first time, data on the financial accounts are now published within eleven months of the reference date, reducing time to publication by one year. Moreover, the balance sheet of households, previously the subject of the press release on household wealth, is now included in the Swiss Financial Accounts report.

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Swiss balance of payments and international investment position: Q3 2016

Switzerland International Investment Position - Q3 2016

In the third quarter of 2016, the current account surplus amounted to CHF 21 billion. This was CHF 2 billion less than in the year -back quarter. As a result of lower receipts from direct investment, the receipts surplus in primary income (labour and investment income) declined by CHF 4 billion to CHF 1 billion. The surplus of receipts from trade in goods increased by CHF 2 billion to CHF 17 billion, while the surplus of receipts for trade in services and the surplus of expenses for secondary income remained at the same level as in the year-back quarter (CHF 5 billion and CHF 2 billion respectively).

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Direct Investments in 2015

Swiss direct investment abroad, Foreign Investment in Switzerland, Swiss subsidiaries abroad

Swiss direct investment abroad. Companies domiciled in Switzerland invested CHF 100 billion abroad, compared with disinvestment of CHF 1 billion the year before. Thus, Swiss direct investment abroad was significantly above the average for the past ten years. At CHF 54 billion, over half of the investment was made by finance and holding companies (2014: CHF 3 billion).

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SNB Monetary policy assessment December 2016 and Comments

Conditional Inflation Forecast

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Interest on sight deposits at the SNB is to remain at–0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. At the same time, the SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

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Federal Department of Finance and SNB enter new distribution agreement

Swiss National Bank

The Federal Department of Finance (FDF) and the Swiss National Bank (SNB) have signed a new agreement regarding the SNB’s profit distribution for 2016 to 2020. Subject to a positive distribution reserve, the SNB will in future pay CHF 1 billion p.a. to the Confederation and cantons, as was previously the case. In future, however, omitted distributions will be compensated for in subsequent years if the distribution reserve allows this.

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Swiss National Bank: Carl Menger Prize

Despite her incredible money printing and FX purchases, the SNB has many roots in the Austrian School of Economics, a school that maintains that money printing leads to price inflation. One of the major Austrian economists was Carl Menger.

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SNB Survey: 2016 Foreign Exchange Turnover

This press release presents the results for a Swiss National Bank (SNB) survey on turnover in foreign exchange and derivatives markets. The request for data was sent to 30 banks that operate in Switzerland and have a sizeable share in the foreign exchange and over-the-counter (OTC) derivatives markets. These banks reported the turnover of their domestic offices.

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Swiss Balance of Payments and International Investment Position 2015

Swiss National Bank

The Swiss National Bank (SNB) is publishing the annual Swiss Balance of Payments and International Investment Position report today. This year, the report is being released earlier – in May instead of August, as in previous years. It is based on the dataset for the fourth quarter of 2015, which was released with the press release of 21 March 2016 headed ‘Swiss balance of payments and international investment position, Q4 2015 and review of the year 2015’.

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Swiss balance of payments and international investment position: Q1 2016

The current account surplus amounted to CHF 10 billion in the first quarter of 2016, CHF3 billion less than in the year-back quarter. The decline was primarily attributable to trade in goods, where the receipts surplus of CHF 8 billion was CHF 2 billion lower than in the first quarter of 2015. The receipts surplus for services remained stable at CHF 5 billion. In the case of primary income (labour and investment income), receipts and expenses were on a par, whereas a receipts surplus of CHF 1 billion had been recorded in the year-back quarter. At CHF3 billion, the expenses surplus for secondary income (current transfers) remained on the same level as the year-back figure.

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Monetary policy assessment of 16 June 2016

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. At the same time, the SNB will remain active in the foreign exchange market, as neces sary. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, there by easing pressure on the currency. The Swiss franc is still significantly overvalued.

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