Swiss National Bank (SNB)
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
Swiss paper shows macro impacts on two safe-haven currencies
Authors surprised to find no significant impact on franc or yen stemming from euro crisis; foreign macroeconomic data has asymmetric impact
QE may be partly to blame for global market correlations – SNB’s Maechler
Andréa Maechler says quantitative easing may cause some bond and equity prices to move simultaneously, but there are likely other factors at play as well
Central banks respond as markets roiled by Trump victory
Mexico hit by large capital outflows, while Swiss and Japanese central banks face large inflows; Federal Reserve likely to come under pressure
SNB paper models ‘sticky consumption’ in Switzerland
Assuming consumption habits are slow to change helps produce more robust results than other methods, author finds
People: Finland appoints two central bank board members; Atlanta Fed promotes senior managers
Former European Commissioner Rehn joins Finnish board; Atlanta Fed makes four promotions; Switzerland changes regional delegate
Decentralised tech will not become the new normal – SNB’s Jordan
There is a time and a place for distributed ledgers, says chairman of Switzerland’s SNB, but right now they cannot compete with existing FMIs
German economist wins central bank prize
Klaus Adam wins award jointly sponsored by SNB, Bundesbank and National Bank of Austria for “innovative work” on asset prices and monetary policy
Co-operation: The competitive edge against counterfeiting
A collaborative approach to banknote projects with trustworthy partners frees up time and resources, pools and mitigates risk, and helps to fulfil the most demanding expectations from stakeholders and the public. Most importantly, it decisively stiffens…
Analysts see intervention challenge for central banks
Following the fallout of EU referendum result, central banks step in to stabilise currency movements; analysts expect volatility to continue, but see challenges to intervention
Central banks offer reassurance as UK votes to leave EU
Mark Carney stresses UK authorities are “well prepared” for the outcome, as central banks across globe pledge liquidity if needed; narrow vote to leave sees David Cameron announce resignation
SNB paper challenges idea that capital flows drive Swiss franc value
Empirical study finds no strong relationship between capital flows and the level of the franc, meshing with earlier literature showing asset prices can move sharply without major portfolio shifts
Swiss franc still ‘significantly overvalued' – Jordan
Chairman of Swiss National Bank governing board says dual policy of negative rates and willingness to intervene in forex market are helping support the economy
SNB officials fend off latest ideas for reform
Thomas Jordan and Jean Studer warn of the damage that could be done by proposals including sovereign money, broader mandate and using reserves to create sovereign wealth fund
Swiss RTGS update goes live
SNB hails successful launch of completely overhauled real-time gross settlement system; design has been made more flexible, incorporating ISO 20022 messaging standard
Senior IMF figures support nominal negative rates
Negative nominal interest rates can help deliver additional monetary stimulus, senior figures at the IMF "tentatively" conclude