Swiss National Bank (SNB)
SNB keeps accommodative policy unchanged
Central bank acknowledges Swiss franc’s depreciation, but still considers the development “fragile”
Distorted Swiss surplus not good base for policy – Jordan
Multinationals’ operations, higher nominal rates abroad and Swiss franc appreciation increase the surplus
Public satisfaction with BoE rises with policy understanding
The research recommends targeting young people with low incomes, as well as women
Swiss bond market contracts despite negative rates – SNB’s Maechler
Shift driven by lower issuance by Swiss government and reduced financing needs of banks
SNB’s Jordan defends central bank independence
In contrast to monetary policy, macro-prudential should also be shaped by government
SNB profits hit record high
Swiss franc’s depreciation and high stock prices fuel the rise in revenues in the first three quarters
Firms with greater liquidity needs benefit more from higher public debt – research
The positive effect of government debt on industry stems from domestic debt, not external debt, author finds
More communication may hamper monetary policy, paper says
Independence and bigger MPCs may convey confusing messages and provoke forecast errors
SNB’s Jordan praises John Taylor legacy
The governor values how the Taylor rule has provided policy guidance, becoming an important benchmark
Falling Swiss franc boosts inflation but SNB policy is unchanged
SNB revises down GDP growth forecasts and warns franc “remains highly valued”
SNB analyses monetary policy role in containing external inflationary factors
Research finds independent monetary policy protects Switzerland against international spillovers
Record-high FX reserves prompt new questions for SNB
Reserves reach $734 billion as Swiss franc depreciates against euro
Weaker franc gives SNB newfound leeway
The central bank may be able to slow or halt its massive foreign exchange acquisitions as the Swiss franc hits its lowest level against the euro since January 2015
BIS paper seeks hints that Swiss franc floor was about to break
Measures derived from option prices indicate credibility fell before floor was removed; error correction model shows some improvement over random walk
Trust key to interbank lending, study finds
'Social collateral' collapsed during 2008 crisis, finds Swiss National Bank paper
Overvalued Swiss currency is keeping rates low – SNB’s Jordan
The Swiss franc remains “significantly overvalued”, despite low interest rates and forex interventions; expansionary monetary policy makes the franc “less attractive” for investors
SNB launches next new banknote alongside updated app
New 20-franc note incorporates the theme of light not only in design but also in identification of security features; Kurz foil element once again integrated
SNB able to cut rates further, Jordan says
Thomas Jordan says Switzerland’s central bank could lower its deposit rate further into negative territory or buy foreign currency if necessary; Jean Studer defends governing board size
SNB annual report sheds light on equity investing strategy
Central bank details approach to investing around 20% of its foreign exchange reserves in equities, including diversification, activism and avoidance of political considerations
Cash is here to stay – SNB’s Zurbrügg
SNB official says reports of cash’s “death” are “exaggerated”; central bank has no plans to stop printing banknotes as its popularity remains
Stronger 2016 profit helps SNB rebuild reserves
Profitable year helps central bank repair its distribution reserve after losses in 2015, though profits appear to have slipped slightly in the fourth quarter
BoE paper tackles big data on Swiss franc de-pegging
Trade repository data sheds light on liquidity problems and market fragmentation around the removal of the SNB’s Swiss franc floor in January 2015
SNB ups allocation to currency reserves
New rule allows for higher allocations to reserves provision even in periods of low nominal growth; foreign exchange intervention now a key monetary tool
SNB’s Jordan stresses commitment to exchange rate intervention
Central bank holds the policy rate, but the Swiss franc is still “significantly overvalued”, and the SNB will continue to intervene, chairman says