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
2014 64 031 333 409 565 481
891 505 941 345
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 57 657 424 264 654 616 998 688 1 046 948
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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