Swiss National Bank,abbreviationSNB) The central bank of Switzerland is a joint stock bank established in accordance with the federal constitution of 1905.The capital amount is 50 millionCHFThe paid in capital is 25 million Swiss francs, most of the shares are held by the state government and state banks, and the rest are held by private individuals.In 1907berne、Basel 、Geneva、Zurich、Saint GallenStart business.Most of the candidates for the Board of Directors are appointed by the federal government and are responsible to the Federal Parliament.
The central bank of the Swiss Confederation isSwitzerlandNational Bank, founded in 1907.Among banks, it is mainly a "bank of banks". For different federal representative offices, it is a federal bank.The Swiss National Bank has great independence in formulating monetary policy and exchange rate policy.Unlike most other central banks, the SNB does not use specific money market interest rates to guide monetary conditions.Until the autumn of 1999, the central bank had been using foreign exchange swaps and repurchase agreements as the main tools to affect the money supply and interest rates.
The Swiss National Bank is a specially managed joint-stock company.About 55% of the shares are held by public institutions, such as state or state banks.The remaining shares are listed and traded on the exchange, mainly owned by individual investors.The Swiss Confederation has no stake in it.
After the introduction of the federal constitution in 1848, only the federal government had the right to issue currency, but banknotes continued to be issued by private banks and state banks.
Until 1891, the sole right to issue banknotes was transferred from the state to the federal.
In 1905, Congress passed a bill that limited companies could establish issuing banks,
On June 20, 1907, the Swiss National Bank was established.The federal delegation of the monopoly on the issuance of currency and banknotes to the Swiss National Bank.The Swiss National Bank has great independence in formulating monetary policy and exchange rate policy.
On January 9, 2023, preliminary data released by the Swiss Central Bank showed that the cumulative loss in fiscal year 2022 was 132 billion Swiss francs, the largest record in the 116 year history.[3]
On March 21, 2024, the Swiss Central Bank announced that it would cut the key policy interest rate by 25 basis points to 1.5%, and the new interest rate would take effect on March 22.[7]
Policy purpose
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The policy purpose of the Swiss National Bank is to maintain price stability and ensure national prosperity and development.
function
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Currency issuance right
90% of the notes issued are put into circulation, and 10% are kept in the bank vault.
Implement monetary policy
Through deposit reserveOpen market businessManaging credit and other means to adjust the money supply and curb inflation.
Master interest policy
Keep the exchange rate stable.
To manage and supervise commercial banks and other financial institutions.
To manage the country's foreign exchange.
Acting treasury.
Management organization
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The management bodies are the General Meeting of Shareholders, the Bank's Board of Directors, the Management Committee and the Audit Committee.In order to supervise and control the National Bank, a standing committee is established by the chairman, vice chairman and eight committee members of the bank's board of directors, which meets once a year to manage daily work.
The head office is located inberneThe business departments are located in Bern and Zurich.The First Division, located in Zurich, is responsible for currency, statistics, internal audit, law, staff and personnel, and jointly implements monetary policies with other divisions;The second division, located in Bern, is responsible for issuing banknotes, managing cash and bonds, conducting precious metal transactions, handling business relations with federal authorities and ministries, and handling business in Bern.The third department is located in Zurich and is responsible for handling discount, loan, foreign exchange, remittance, bill exchange and business in Zurich.In addition, there are secretarial offices with branches in 8 cities and branches in 3 towns.
Current leaders
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President: Thomas Jordan[6]
Currency adjustment
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Swiss National Bank (Central Bank) unexpectedly announced cancellation on January 15, 2015CHFThe Swiss franc rose sharply at the upper limit of 1.20 to 1 of the euro exchange rate.[1]
On June 16, 2022, the Swiss Central Bank raised the policy interest rate by 50 basis points to -0.25%.[2]
On June 22, 2023 local time, the Swiss Central Bank announced an interest rate increase of 25 basis points to 1.75%, in line with market expectations.This is the fifth consecutive interest rate increase by the Swiss Central Bank since it entered the interest rate increase cycle in 2022.[4]
On June 20, 2024, the Swiss National Bank announced another interest rate cut of 25 basis points to 1.25%.This is the second interest rate cut by the Swiss Central Bank in 2024.[8]
