Andréa M. Maechler / Thomas Moser, Member of the Governing Board / Alternate Member of the Governing Board
In many ways, the coronavirus (COVID-19) pandemic is unprecedented. The economic shock has been global and massive, affecting both economic supply and demand simultaneously. To mitigate the economic impact, the crisis response has had to be swift and innovative – including in Switzerland. The Swiss National Bank has played an important role here, preventing an excessive appreciation of the Swiss franc through foreign currency purchases. Moreover, it has helped to ease strains in US dollar funding markets by participating in a series of coordinated central bank actions. By setting up the SNB COVID-19 refinancing facility (CRF), a mechanism designed to

Andréa M. Maechler / Thomas Moser, Member of the Governing Board / Alternate Member of the Governing Board
In many ways, the coronavirus (COVID-19) pandemic is unprecedented. The economic shock has been global and massive, affecting both economic supply and demand simultaneously. To mitigate the economic impact, the crisis response has had to be swift and innovative – including in Switzerland. The Swiss National Bank has played an important role here, preventing an excessive appreciation of the Swiss franc through foreign currency purchases. Moreover, it has helped to ease strains in US dollar funding markets by participating in a series of coordinated central bank actions. By setting up the SNB COVID-19 refinancing facility (CRF), a mechanism designed to