Suport client: Telefon: (+357) 22314160


Banci Centrale

Bancilor Centrale

Focus Market

  • The number of job openings was little changed at 6.7 million on the last business day of June
  • UK house prices in the three months to July increased by 3.3% against the same period a year earlier
  • German industrial production declined more then expected in June
  • The average of household spending in Japan was down 1.2 percent on year

Toate materialele publicate sunt oferite in scop informativ si utilizarea lor cu incredere pot duce la pierdere. Performantele anterioare nu reprezinta un indicator de incredere pentru rezultatele viitoare. Va rugam sa cititi disclaimer-ul nostru.

Swiss National Bank (SNB)

The Swiss National Bank (SNB) performs the functions of the central bank of  Sweden. Unlike most central banks, the SNB is not a state institution, although the influence of the State on its politics is great. According to the results of the referendum, held in 1906, it was organized as a joint-stock company and in the same year a corresponding law was adopted. The SNB started its activity in 1907. The Bank works in closely cooperation and under the general guidance of the Government of Swiss Confederation. As any joint-stock company, the Bank issues the listed stock. The capital stock of the Swiss Banks is about 50 mln. Swiss francs. Only the citizens of Switzerland, Swiss companies and the companies, having headquarters in Switzerland can hold the stocks. 

Goals and responsibilities 

Price stability 
Price stability is an important condition for growth and prosperity. Inflation and deflation worsens the economic situation. They complicate the process of decision-making by consumers and producers, which leads to misallocation of labor power and capital as a result of redistribution of income and assets, and put the economically weak at a disadvantage. The SNB equates price stability to consumer price at the level of not less than 2 % per annum. Deflation - i.e. protracted period of decline in the price level - is deemed to be a violation of the goal of price stability. Medium-term forecast of inflation is the main index for monetary policy. 
Implementation of monetary policy 

The SNB implements its monetary policy by adjusting the liquidity in the money market and, consequently, affecting the level of interest rates. 

To implement monetary policy SNB uses different tools. 

1. Target range of interest rates 

The SNB implements monetary policy by setting a target range for its three-month rate (Swiss LIBOR rate). This range usually has a spread of 100 b.p. and is reviewed at least once a quarter. This rate is used as a target rate as it is the most important money market rate for investments in Swiss francs. Changes in this rate are accompanied by a clear explanation concerning the changes of economic conditions. 

2. Open market operations 

Repo transactions are among the main instruments of the SNB monetary policy. They represent sale of the securities by the payee (the borrower) to the cash provider (lender) with a simultaneous agreement to buy back the securities of the same type and in the same quantity on a later date. This structure is similar to a secured loan, where the payee must pay an interest to the cash provider. Repo transactions usually have very short maturities - from one day to several weeks. The SNB uses such repo transactions to counteract the undesirable movements of the three-month’s LIBOR rate. To avoid exceeding of the set level by the three-month’s LIBOR rate, the Bank provides additional liquidity to commercial banks by means of repo transactions at lower rates and, as a matter of fact, creates additional liquidity. On the contrary, increasing the repo rates, the SNB can reduce liquidity or initiate a three-month’s growth of the LIBOR rate. 

The SNB publishes "Quarterly Bulletin", a detailed assessment of current state of the economy and the review of monetary policy. "Monthly Bulletin" is also published. It contains an overview of economic development. These reports can provide information about changes in the assessment by SNB of the current situation in the country. 

In addition to the usual instruments, the SNB has a number of other tools, including currency swaps and forward transactions, purchase or sale of securities in Swiss francs. The SNB can also buy or sell derivatives on receivables, securities, precious metals and currency pairs. 

Money emission and distribution 
The SNB has the privilege of money emission. In addition, it provides the economy with banknotes, meeting high standards of quality and safety. Also, its duties include the distribution of coins. 
Non-cash payment transactions 
The SNB provides the services of payments between the banks in the field of non-cash payments. All of them are made in the interbank payments system through the deposit accounts at the SNB. 
Assets management 
The SNB manages the foreign currency reserves, being the most important component of its assets. The bank needs foreign currency reserves to have room for maneuver in monetary policy at any time. Currently, the level of foreign currency reserves is dictated directly by implementation of monetary policy or compliance with minimum interest rate. 
Stability of the financial system 
The SNB contributes to the stability of the financial system. It fulfills this obligation by analyzing the sources of risk for the financial system and identifying the areas where actions are required. In addition, it helps to create and implement a regulatory basis for the financial sector, and performs control over systemically important payment systems and securities settlements. 
International monetary cooperation 
Together with the federal authorities, the SNB participates in the international monetary and financial cooperation and provides technical assistance. 
Banker to the Confederation 
The SNB acts as banker to the Confederation. It processes payments on behalf of the Confederation, issues debt securities, bears responsibility for safekeeping of securities and controls the money market and foreign exchange transactions. 
Consolidated Statistics  
The SNB collects statistical information on banks and financial markets, balance of payments, direct investments, international investment positions and the Swiss financial reports. 

Organizational structure and management 

General Meeting of Shareholders
The General Meeting of Shareholders is held once a year, usually in April. Owing to the SNB public mandat, the powers of the General Meeting of Shareholders are not as wide as those in joint stock companies within the frames of the private law. 
The Bank Council 

The Bank Council oversees and controls the conduct of business by the SNB. It consists of 11 members: six members, including the Chairman and Vice-Chairman, appointed by the Federal Council, and five members at the meeting. 

Jean Studer is the President of the Bank Council (initial elections were held in 2007, the current election 2012) , Steymer Olivier is the Vice-Chairman (initial elections were held in 2009 , current election 2012). 

Apart of the Chairman and Vice-Chairman, the Banking Council consists of nine other members. The full composition of the Banking Board is available on the official SNB website. 

Board of Governors 

The bank's highest governing executive body is the Board of Governors. Among other things, it is responsible for monetary policy, management of investment strategy assets and international monetary cooperation. 

The Board consists of three members: 

  • Thomas Jordan, Chairman of the Board, Zurich;
  • Fritz Zurbrugg, Vice-Chairman;
  • Andrea Maechler, member of the Board, Zurich.

They are responsible for the strategic and operational management of the SNB. The members of the Governing Board and their alternates are appointed for six years by the Federation Council by the recommendation of the Board of the Bank with the possibility of reelection. 

Each member of the Board manages one of the three departments of the bank: 

Department I consists of seven divisions: 

  • Economic Department
  • Department of international monetary cooperation
  • Department of legal and property issues
  • General secretariat
  • Department of internal auditors
  • Department of compliance
  • Stabilization fund

Department II consists of three departments: 

  • Finances and risks department
  • Financial stability department
  • Monetary regulation department

Department III consists of three departments: 

  • Financial markets department
  • Bank operations department
  • Information technologies department


Schedule of the Meeting of the Board of Governors for the year 2013 
  • March 14 
  • June 20 
  • September 19 
  • December 12 
Schedule of the Meeting of the Board of Governors for the year 2014 
  • March 20 
  • June 29 (with press conference)
  • September 18 
  • December 11  (with press conference)
Schedule of the Meeting of the Board of Governors for the year 2015 
  • March 19
  • June 18 (with press conference)
  • September 17 
  • December 10  (with press conference)
Schedule of the Meeting of the Board of Governors for the year 2016
  • March 17
  • June 16 (with press conference)
  • September 15
  • December 15  (with press conference)
Schedule of the Meeting of the Board of Governors for the year 2017
  • March 16
  • June 15
  • September 14
  • December 14
Schedule of the Meeting of the Board of Governors for the year 2018
  • March 15
  • June 21
  • September 20
  • December 13

Pentru a maximiza navigarea pe internet a vizitatorilor nostri, TeleTrade foloseste cookie-uri. Continuand navigarea pe acest site sunteti de acord cu folosirea cookie-urilor. Daca nu sunteti de acord, puteti sa schimbati setarile browser-ului dvs oricand. Cititi mai multe

  • © 2011-2016 TeleTrade-DJ International Consulting Ltd

    TeleTrade - DJ International Consulting Ltd este inregistrata si supervizata de EEA ca in toate statele membre ale UE sa furnizeze in mod liber serviciile MiFID . Va rugam sa accesati link-ul de mai jos pentru a afla mai multe informatii despre reglementarea din Romania: Autoritatea de Supraveghere Financiara.

    TeleTrade-DJ International Consulting Ltd este inregistrata ca o Firma de Investitii Cipriota (CIF) sub numarul de inregistrare HE272810 si licentiata de CySEC (Cyprus Securities and Exchange Commission) avand numarul de licenta 158/11.

  • TeleTrade-DJ International Consulting Ltd opereaza in conformitate cu Directiva Pietelor de Instrumente Financiare (MiFID). TeleTrade DJ International Consulting Ltd este inregistrata ca firma de investitii din stat membru in cadrul Comisiei Nationale de Valori Mobiliare din Romania (CNVM), avand nr. de inregistrare PJM01FISMCYP1511 din 21.08.2012

    Toate informatiile publicate sunt doar ca scop informativ. Toate serviciile si informatiile publicate sunt obtinute din surse ce se considera a fi de incredere. TeleTrade-DJ International Consulting Ltd ("TeleTrade") si/sau orice alta terta parte ce asigura informatii, ofera servicii si informatii cu nici o garantie ca intr-adevar asa este.

  • TeleTrade colaborează exclusiv cu instituții financiare reglementate pentru protejarea fondurilor clienților. Vă rugăm să consultați întreaga listă a băncilor și a furnizorilor de servicii de plată responsabili de fondurile clienților.

    Va rugam sa cititi Termenii de Utilizare.

    Pentru a maximiza procesul de navigare a vizitatorilor nostri, TeleTrade DJ foloseste cookie-uri in serviciile web.

    Prin continuarea navigarii pe acest site, sunteti de acord cu utilizarea de cookie-uri. Daca nu sunteti de acord, puteti modifica in orice moment setarile browser-ului dumneavoastra. Mai multe detalii.

  • © 2011-2016 TeleTrade-DJ International Consulting Ltd - Continutul acestui site reprezinta o traducere a textului original din limba engleza de pe site-ul: Va rugam sa consultati site-ul nostru privind documentele legale pe care le gasiti la

    În prezent, compania TeleTrade-DJ International Consulting Ltd își oferă servicii transfrontaliere, în cadrul statelor din SEE (cu excepția Belgiei) în conformitate cu reglementarile MiFID și în țările terțe selectate.TeleTrade nu oferă serviciile sale rezidenților sau cetatenilor Statelor Unite.

Solicita un callback
Pagina de sus