Monetary policy

At a glance

In December 2015, the monetary base, comprised of banknote circulation and sight deposits of domestic banks held at the SNB, was approximately CHF 80 billion higher than in the same month of the previous year. The increase in January was mainly due to the SNB’s currency purchases in connection with the exchange rate floor. The SNB made other currency purchases, especially at the end of June when Greece announced it would conduct a referendum on the EU bailout plan, unsettling the markets. Most of the increase in the monetary base can be accounted for by larger sight deposits of domestic banks held at the SNB.

Evolution of monetary aggregates M1, M2 and M3, in CHF billion
Late September
Banknote circulation Sight deposits Monetary aggregate M1 Monetary aggregate M2 Monetary aggregate M3
2012 56 692 324 400 522 052 825 539 867 668
2013 64 795 337 393 550 480 867 266 910 916
2014 64 031 333 409 565 481
891 505 941 345
2015 69 404 321 040 569 406
900 098 953 498
2016 76 434 373 192 584 629 931 411 981 701
Source: Swiss National Bank (SNB)

Further information

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Federal Statistical Office Espace de l'Europe 10
CH-2010 Neuchâtel
Switzerland

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