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| Home » Central Banks Worldwide » Swiss National Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swiss National Bank |
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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. |
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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. The determination and distribution of profits are governed by the National Bank Act (arts. 30 and 31). According to these articles, the SNB shall set up provisions permitting it to maintain currency reserves at the level which is necessary for monetary policy. In so doing, it shall take into account the development of the Swiss economy. The SNB equates price stability with a rise in the national consumer price index of less than 2% per annum. Deflation, i.e. a protracted decline in price levels, is considered to be equally detrimental to price stability. The SNB takes its monetary policy decisions on the basis of an inflation forecast and implements them by steering the three-month Libor for Swiss franc investments. |
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The SNB divides the 328 banks in Switzerland into various categories: big banks, cantonal banks, regional banks and savings banks, Raiffeisen banks, other banks (including, in particular, commercial banks and stock exchange banks, as well as foreign-controlled banks), branches of foreign banks and private banks. The SNB has two head offices:
one in Berne and one in Zurich. In addition, it maintains a branch with cash
distribution services in Geneva and five representative offices (in Basel,
Lausanne, Lucerne, Lugano and St Gallen). Furthermore, it has 16 agencies
operated by cantonal banks that help to secure the supply of money to the
country. Swiss National Bank also known as Schweizerische Nationalbank /
Banque Nationale Suisse / Banca Nazionale Svizzera / Banca Naziunala Svizra. |
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