The Swiss National Bank (SNB) is the central bank of Switzerland, responsible for conducting monetary policy, promoting financial stability, and ensuring the supply of cash and banknotes in the country. It was established in 1907 and has its headquarters in Bern, Switzerland. The goal of Swiss National Bank is to manage the Swiss franc's value and promoting economic stability in Switzerland. Its headquarters are located in Bern, Switzerland.
The SNB is an independent organization with a mandate to pursue price stability as its primary goal, while also taking into account economic developments and the overall well-being of the Swiss economy. In addition to its monetary policy responsibilities, the SNB is also responsible for managing Switzerland's foreign exchange reserves and promoting the stability of the Swiss financial system.
The SNB conducts its monetary policy through a combination of interest rate adjustments, currency interventions, and other measures designed to influence the supply of money and credit in the economy. Its decisions are guided by regular meetings of its Governing Board, which includes the SNB Chairman and six other members.
Over the years, the SNB has taken on a number of responsibilities beyond its original mandate, including managing Switzerland's gold reserves and contributing to the stability of the Swiss financial system. It also plays a key role in setting monetary policy in Switzerland.
One notable event in the history of the SNB occurred in 2015, when the bank unexpectedly removed the cap it had placed on the value of the Swiss franc against the euro. This move sent shockwaves through global financial markets, as investors rushed to buy the franc and drove up its value. The SNB has since faced criticism for its handling of the situation, and some analysts have suggested that the move was a misstep for the bank.
Overall, the SNB plays a critical role in ensuring the stability and well-being of the Swiss economy, as well as promoting the country's reputation as a safe and stable destination for investment and financial services.