Swiss National Bank: Is the Recent Loss a Threat to Monetary Policy? A Research Note

Vanessa Kämpf (), Georg Stadtmann () and Lilli Zimmermann ()
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Vanessa Kämpf: Deutsche Bundesbank, Frankfurt am Main, Germany
Georg Stadtmann: European University Viadrina, Frankfurt (Oder), Germany and University of Southern Denmark, Odense, Denmark
Lilli Zimmermann: Deutsche Bundesbank, Frankfurt am Main, Germany and University of Applied Sciences, Hachenburg, Germany

Journal of Central Banking Theory and Practice, 2024, vol. 13, issue 1, 43-55

Abstract: The Swiss National Bank (SNB) has announced it will refrain from profit distribution in 2022 owing to the accumulation of a huge financial loss. In this paper we examine key determinants of the SNB’s loss and shed light on its implications to monetary policy pursuit. In particular, we show that different accounting principles yield different results concerning the equity position of a central bank’s balance sheet, yet not affecting the ability to run monetary policy.

Keywords: Swiss National Bank; central bank; monetary policy; intervention. (search for similar items in EconPapers)
JEL-codes: E5 G15 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:cbk:journl:v:13:y:2024:i:1:p:43-55

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