Monetary policy

At a glance

In Switzerland, the economy continued to recover in 2017. The annual average GDP growth at 1.6% was the same as in 2016. The Swiss National Bank continued its expansive monetary policy in 2017. Inflation did, however, increase slightly and show minor variation throughout the entire year, which the SNB equated with price stability. Yet the utilisation of the economy remained below the long-term average. The SNB thus firmly adhered to its monetary policy. As already seen in the previous year, this was based on negative interest on sight deposits held by banks and other financial market participants at the National Bank and on the willingness of the National Bank to intervene in the exchange market if necessary.

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
2015 69 404
321 040
569 406
900 098
953 498
2016 76 470
374 440
584 825
931 516
981 811
2017 82 546
400 363
624 543
973 463
1 023 771
2018 87 623
424 288
654 605
998 672
1 047 110
2019 83 583 466 513 678 574 1 025 345 1 074 389
Source: Swiss National Bank (SNB)

Further information

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Federal Statistical Office Espace de l'Europe 10
CH-2010 Neuch√Ętel
Switzerland

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