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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

BIS, SNB and SIX successfully test integration of wholesale CBDC settlement with commercial banks

13 days ago

Project Helvetia looks toward a future with more tokenised financial assets based on distributed ledger technology coexisting with today’s systems.
Swiss National Bank and five commercial banks integrated wholesale CBDC in their existing back-office systems and processes.
Tests covered a wide-range of transactions in Swiss francs – interbank, monetary policy and cross-border.
Integrating a wholesale central bank digital currency (CBDC) into existing core banking systems is complex and a key prerequisite for issuance. Phase II of Project Helvetia successfully demonstrates that such integration is operationally possible. Issuing a wholesale CBDC on a distributed ledger technology (DLT) platform operated and owned by a private sector company is feasible under Swiss

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

19 days ago

Confederation and cantons to receive distribution of CHF 6 billion
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.
The allocation to the provisions for currency reserves will be CHF 8.7 billion. After taking into account the distribution reserve of CHF 90.9 billion, the net profit will be over CHF 108 billion. This will allow a dividend payment of CHF 15 per share, which corresponds to the legally stipulated maximum amount, as well as a profit

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Swiss balance of payments and international investment position: Q3 2021

December 22, 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. Primary income counteracted the rise in the current account balance. While a receipts surplus was recorded in the same quarter of 2020, primary income showed a high expenses surplus in the current quarter. This was largely due to developments in investment income from direct investments. The expenses surplus on primary income was, however, relatively low when compared with recent quarters.

Current

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

December 17, 2021

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. In so doing, it takes the overall currency situation into consideration. The Swiss franc remains highly valued.
The SNB’s new conditional inflation forecast for 2021 and 2022 is slightly above that of September (cf. chart 1). This is primarily due to higher import prices, above all for oil products and for goods affected by global supply bottlenecks. In the longer

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Swiss National Bank, Banque de France and BIS conclude successful cross-border wholesale CBDC experiment

December 8, 2021

Central bank digital currencies (CBDCs) can be used effectively for international settlements between financial institutions, as shown in the newest wholesale CBDC experiment concluded by the Swiss National Bank (SNB), the Banque de France (BdF) and the Bank for International Settlements (BIS). The recently completed Project Jura explored settling foreign exchange (FX) transactions in euro and Swiss franc wholesale CBDCs as well as issuing, transferring and redeeming a tokenised euro-denominated French commercial paper between French and Swiss financial institutions.
Project Jura was conducted in collaboration with a group of private sector firms comprising Accenture, Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS. It continues the experimentation

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