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class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1905_foundation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>1905 foundation</span> </div> </a> <ul id="toc-1905_foundation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-World_War_I" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#World_War_I"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>World War I</span> </div> </a> <ul id="toc-World_War_I-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Interwar_years" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Interwar_years"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Interwar years</span> </div> </a> <ul id="toc-Interwar_years-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-World_War_II" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#World_War_II"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>World War II</span> </div> </a> <ul id="toc-World_War_II-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Post-war_20th_century" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Post-war_20th_century"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Post-war 20th century</span> </div> </a> <ul id="toc-Post-war_20th_century-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2004:_formal_independence_from_government" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2004:_formal_independence_from_government"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.6</span> <span>2004: formal independence from government</span> </div> </a> <ul id="toc-2004:_formal_independence_from_government-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2008:_UBS_bailout" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2008:_UBS_bailout"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.7</span> <span>2008: UBS bailout</span> </div> </a> <ul id="toc-2008:_UBS_bailout-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2011:_euro_exchange_rate_cap" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2011:_euro_exchange_rate_cap"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.8</span> <span>2011: euro exchange rate cap</span> </div> </a> <ul id="toc-2011:_euro_exchange_rate_cap-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ownership_as_of_2021" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ownership_as_of_2021"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.9</span> <span>Ownership as of 2021</span> </div> </a> <ul id="toc-Ownership_as_of_2021-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2022_losses" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2022_losses"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.10</span> <span>2022 losses</span> </div> </a> <ul id="toc-2022_losses-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2023_liquidity_assistance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2023_liquidity_assistance"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.11</span> <span>2023 liquidity assistance</span> </div> </a> <ul id="toc-2023_liquidity_assistance-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Responsibilities" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Responsibilities"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Responsibilities</span> </div> </a> <button aria-controls="toc-Responsibilities-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Responsibilities subsection</span> </button> <ul id="toc-Responsibilities-sublist" class="vector-toc-list"> <li id="toc-Cash_supply_and_distribution" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Cash_supply_and_distribution"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Cash supply and distribution</span> </div> </a> <ul id="toc-Cash_supply_and_distribution-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Cashless_payment_transactions" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Cashless_payment_transactions"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Cashless payment transactions</span> </div> </a> <ul id="toc-Cashless_payment_transactions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investment_of_currency_reserves" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investment_of_currency_reserves"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Investment of currency reserves</span> </div> </a> <ul id="toc-Investment_of_currency_reserves-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financial_system_stability" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Financial_system_stability"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Financial system stability</span> </div> </a> <ul id="toc-Financial_system_stability-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-International_monetary_cooperation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#International_monetary_cooperation"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>International monetary cooperation</span> </div> </a> <ul id="toc-International_monetary_cooperation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Banker_to_the_Confederation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Banker_to_the_Confederation"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Banker to the Confederation</span> </div> </a> <ul id="toc-Banker_to_the_Confederation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Statistics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Statistics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7</span> <span>Statistics</span> </div> </a> <ul id="toc-Statistics-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Policies" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Policies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Policies</span> </div> </a> <button aria-controls="toc-Policies-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Policies subsection</span> </button> <ul id="toc-Policies-sublist" class="vector-toc-list"> <li id="toc-Investments" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investments"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Investments</span> </div> </a> <ul id="toc-Investments-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Monetary_policy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Monetary_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Monetary policy</span> </div> </a> <ul id="toc-Monetary_policy-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Governance" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Governance"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Governance</span> </div> </a> <button aria-controls="toc-Governance-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Governance subsection</span> </button> <ul id="toc-Governance-sublist" class="vector-toc-list"> <li id="toc-General_Meeting_of_Shareholders" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#General_Meeting_of_Shareholders"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>General Meeting of Shareholders</span> </div> </a> <ul id="toc-General_Meeting_of_Shareholders-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bank_Council" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bank_Council"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Bank Council</span> </div> </a> <ul id="toc-Bank_Council-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Governing_board" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Governing_board"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Governing board</span> </div> </a> <ul id="toc-Governing_board-sublist" class="vector-toc-list"> <li id="toc-Chairmen_of_the_governing_board" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Chairmen_of_the_governing_board"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3.1</span> <span>Chairmen of the governing board</span> </div> </a> <ul id="toc-Chairmen_of_the_governing_board-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Gold_reserves" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Gold_reserves"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Gold reserves</span> </div> </a> <ul id="toc-Gold_reserves-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Study_Center_Gerzensee" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Study_Center_Gerzensee"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Study Center Gerzensee</span> </div> </a> <ul id="toc-Study_Center_Gerzensee-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes_and_references" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes_and_references"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Notes and references</span> </div> </a> <ul id="toc-Notes_and_references-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Swiss National Bank</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 37 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-37" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">37 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-als mw-list-item"><a href="https://als.wikipedia.org/wiki/Schweizerische_Nationalbank" title="Schweizerische Nationalbank – Alemannic" lang="gsw" hreflang="gsw" data-title="Schweizerische Nationalbank" data-language-autonym="Alemannisch" data-language-local-name="Alemannic" class="interlanguage-link-target"><span>Alemannisch</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%A8%D9%86%D9%83_%D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A_%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3%D8%B1%D9%8A" title="البنك الوطني السويسري – Arabic" lang="ar" hreflang="ar" data-title="البنك الوطني السويسري" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Bancu_Nacional_Suizu" title="Bancu Nacional Suizu – Asturian" lang="ast" hreflang="ast" data-title="Bancu Nacional Suizu" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0sve%C3%A7r%C9%99_Milli_Bank%C4%B1" title="İsveçrə Milli Bankı – Azerbaijani" lang="az" hreflang="az" data-title="İsveçrə Milli Bankı" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%B8%E0%A7%81%E0%A6%87%E0%A6%B8_%E0%A6%A8%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%B6%E0%A6%A8%E0%A6%BE%E0%A6%B2_%E0%A6%AC%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%82%E0%A6%95" title="সুইস ন্যাশনাল ব্যাংক – Bangla" lang="bn" hreflang="bn" data-title="সুইস ন্যাশনাল ব্যাংক" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/%C5%A0v%C3%BDcarsk%C3%A1_n%C3%A1rodn%C3%AD_banka" title="Švýcarská národní banka – Czech" lang="cs" hreflang="cs" data-title="Švýcarská národní banka" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Schweizerische_Nationalbank" title="Schweizerische Nationalbank – German" lang="de" hreflang="de" data-title="Schweizerische Nationalbank" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Banco_Nacional_Suizo" title="Banco Nacional Suizo – Spanish" lang="es" hreflang="es" data-title="Banco Nacional Suizo" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Svisa_nacia_banko" title="Svisa nacia banko – Esperanto" lang="eo" hreflang="eo" data-title="Svisa nacia banko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%A7%D9%86%DA%A9_%D9%85%D9%84%DB%8C_%D8%B3%D9%88%D8%A6%DB%8C%D8%B3" title="بانک ملی سوئیس – Persian" lang="fa" hreflang="fa" data-title="بانک ملی سوئیس" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Banque_nationale_suisse" title="Banque nationale suisse – French" lang="fr" hreflang="fr" data-title="Banque nationale suisse" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Banco_Nacional_Su%C3%ADzo" title="Banco Nacional Suízo – Galician" lang="gl" hreflang="gl" data-title="Banco Nacional Suízo" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%8A%A4%EC%9C%84%EC%8A%A4_%EA%B5%AD%EB%A6%BD%EC%9D%80%ED%96%89" title="스위스 국립은행 – Korean" lang="ko" hreflang="ko" data-title="스위스 국립은행" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%87%D5%BE%D5%A5%D5%B5%D6%81%D5%A1%D6%80%D5%AB%D5%A1%D5%B5%D5%AB_%D5%A1%D5%A6%D5%A3%D5%A1%D5%B5%D5%AB%D5%B6_%D5%A2%D5%A1%D5%B6%D5%AF" title="Շվեյցարիայի ազգային բանկ – Armenian" lang="hy" hreflang="hy" data-title="Շվեյցարիայի ազգային բանկ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Bank_Nasional_Swiss" title="Bank Nasional Swiss – Indonesian" lang="id" hreflang="id" data-title="Bank Nasional Swiss" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Banca_nazionale_svizzera" title="Banca nazionale svizzera – Italian" lang="it" hreflang="it" data-title="Banca nazionale svizzera" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%91%D7%A0%D7%A7_%D7%94%D7%9C%D7%90%D7%95%D7%9E%D7%99_%D7%94%D7%A9%D7%95%D7%95%D7%99%D7%99%D7%A6%D7%A8%D7%99" title="הבנק הלאומי השווייצרי – Hebrew" lang="he" hreflang="he" data-title="הבנק הלאומי השווייצרי" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A8%E1%83%95%E1%83%94%E1%83%98%E1%83%AA%E1%83%90%E1%83%A0%E1%83%98%E1%83%98%E1%83%A1_%E1%83%94%E1%83%A0%E1%83%9D%E1%83%95%E1%83%9C%E1%83%A3%E1%83%9A%E1%83%98_%E1%83%91%E1%83%90%E1%83%9C%E1%83%99%E1%83%98" title="შვეიცარიის ეროვნული ბანკი – Georgian" lang="ka" hreflang="ka" data-title="შვეიცარიის ეროვნული ბანკი" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Bank_Negara_Swiss" title="Bank Negara Swiss – Malay" lang="ms" hreflang="ms" data-title="Bank Negara Swiss" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Zwitserse_Nationale_Bank" title="Zwitserse Nationale Bank – Dutch" lang="nl" hreflang="nl" data-title="Zwitserse Nationale Bank" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%82%B9%E3%82%A4%E3%82%B9%E5%9B%BD%E7%AB%8B%E9%8A%80%E8%A1%8C" title="スイス国立銀行 – Japanese" lang="ja" hreflang="ja" data-title="スイス国立銀行" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Den_sveitsiske_nasjonalbanken" title="Den sveitsiske nasjonalbanken – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Den sveitsiske nasjonalbanken" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Shveysariya_Milliy_banki" title="Shveysariya Milliy banki – Uzbek" lang="uz" hreflang="uz" data-title="Shveysariya Milliy banki" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Szwajcarski_Bank_Narodowy" title="Szwajcarski Bank Narodowy – Polish" lang="pl" hreflang="pl" data-title="Szwajcarski Bank Narodowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Banco_Nacional_Su%C3%AD%C3%A7o" title="Banco Nacional Suíço – Portuguese" lang="pt" hreflang="pt" data-title="Banco Nacional Suíço" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Banca_Na%C8%9Bional%C4%83_a_Elve%C8%9Biei" title="Banca Națională a Elveției – Romanian" lang="ro" hreflang="ro" data-title="Banca Națională a Elveției" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9D%D0%B0%D1%86%D0%B8%D0%BE%D0%BD%D0%B0%D0%BB%D1%8C%D0%BD%D1%8B%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA_%D0%A8%D0%B2%D0%B5%D0%B9%D1%86%D0%B0%D1%80%D0%B8%D0%B8" title="Национальный банк Швейцарии – Russian" lang="ru" hreflang="ru" data-title="Национальный банк Швейцарии" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Banka_Komb%C3%ABtare_e_Zvicr%C3%ABs" title="Banka Kombëtare e Zvicrës – Albanian" lang="sq" hreflang="sq" data-title="Banka Kombëtare e Zvicrës" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A8%D0%B2%D0%B0%D1%98%D1%86%D0%B0%D1%80%D1%81%D0%BA%D0%B0_%D0%BD%D0%B0%D1%86%D0%B8%D0%BE%D0%BD%D0%B0%D0%BB%D0%BD%D0%B0_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B0" title="Швајцарска национална банка – Serbian" lang="sr" hreflang="sr" data-title="Швајцарска национална банка" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/%C5%A0vicarska_nacionalna_banka" title="Švicarska nacionalna banka – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Švicarska nacionalna banka" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Sveitsin_keskuspankki" title="Sveitsin keskuspankki – Finnish" lang="fi" hreflang="fi" data-title="Sveitsin keskuspankki" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%98%E0%B8%99%E0%B8%B2%E0%B8%84%E0%B8%B2%E0%B8%A3%E0%B9%81%E0%B8%AB%E0%B9%88%E0%B8%87%E0%B8%8A%E0%B8%B2%E0%B8%95%E0%B8%B4%E0%B8%AA%E0%B8%A7%E0%B8%B4%E0%B8%AA" title="ธนาคารแห่งชาติสวิส – Thai" lang="th" hreflang="th" data-title="ธนาคารแห่งชาติสวิส" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/%C4%B0svi%C3%A7re_Ulusal_Bankas%C4%B1" title="İsviçre Ulusal Bankası – Turkish" lang="tr" hreflang="tr" data-title="İsviçre Ulusal Bankası" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9D%D0%B0%D1%86%D1%96%D0%BE%D0%BD%D0%B0%D0%BB%D1%8C%D0%BD%D0%B8%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA_%D0%A8%D0%B2%D0%B5%D0%B9%D1%86%D0%B0%D1%80%D1%96%D1%97" title="Національний банк Швейцарії – Ukrainian" lang="uk" hreflang="uk" data-title="Національний банк Швейцарії" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ng%C3%A2n_h%C3%A0ng_Trung_%C6%B0%C6%A1ng_Th%E1%BB%A5y_S%C4%A9" title="Ngân hàng Trung ương Thụy Sĩ – Vietnamese" lang="vi" hreflang="vi" data-title="Ngân hàng Trung ương Thụy Sĩ" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li 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data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Central Bank of Switzerland</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1151960987">body.skin-minerva .mw-parser-output .infobox table{display:table}body.skin-minerva .mw-parser-output .infobox caption{display:table-caption}</style><table class="infobox vcard"><caption class="infobox-title fn org">Swiss National Bank<br /><i>Schweizerische Nationalbank<br />Banque nationale suisse<br />Banca nazionale svizzera<br />Banca naziunala svizra</i></caption><tbody><tr><td colspan="2" class="infobox-image"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:SNB-Logo-positiv-blau.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5a/SNB-Logo-positiv-blau.svg/220px-SNB-Logo-positiv-blau.svg.png" decoding="async" width="220" height="86" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5a/SNB-Logo-positiv-blau.svg/330px-SNB-Logo-positiv-blau.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5a/SNB-Logo-positiv-blau.svg/440px-SNB-Logo-positiv-blau.svg.png 2x" data-file-width="411" data-file-height="160" /></a></span></td></tr><tr><td colspan="2" class="infobox-image"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:Schweizerische_Nationalbank_Swiss_National_Bank_in_Bern_by_Robbie_Conceptuel.png" class="mw-file-description"><img alt="Headquarters on the Bundesplatz in Bern" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Schweizerische_Nationalbank_Swiss_National_Bank_in_Bern_by_Robbie_Conceptuel.png/220px-Schweizerische_Nationalbank_Swiss_National_Bank_in_Bern_by_Robbie_Conceptuel.png" decoding="async" width="220" height="192" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Schweizerische_Nationalbank_Swiss_National_Bank_in_Bern_by_Robbie_Conceptuel.png/330px-Schweizerische_Nationalbank_Swiss_National_Bank_in_Bern_by_Robbie_Conceptuel.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Schweizerische_Nationalbank_Swiss_National_Bank_in_Bern_by_Robbie_Conceptuel.png/440px-Schweizerische_Nationalbank_Swiss_National_Bank_in_Bern_by_Robbie_Conceptuel.png 2x" data-file-width="3634" data-file-height="3165" /></a></span><div class="infobox-caption">Headquarters on the <a href="/wiki/Bundesplatz" title="Bundesplatz">Bundesplatz</a> in <a href="/wiki/Bern" title="Bern">Bern</a></div></td></tr><tr class="label"><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data"><a href="/wiki/Bern" title="Bern">Bern</a> and <a href="/wiki/Z%C3%BCrich" class="mw-redirect" title="Zürich">Zürich</a></td></tr><tr><th scope="row" class="infobox-label">Established</th><td class="infobox-data">16 January 1906 – 20 June 1907<sup id="cite_ref-Manfred_Pohl,_Sabine_Freitag_1-0" class="reference"><a href="#cite_note-Manfred_Pohl,_Sabine_Freitag-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Ivan_Tibor_Berend_2-0" class="reference"><a href="#cite_note-Ivan_Tibor_Berend-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Ownership</th><td class="infobox-data">Mixed ownership.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Around 78% owned by Swiss public entities, the rest are publicly traded in <a href="/wiki/SIX_Swiss_Exchange" title="SIX Swiss Exchange">SIX</a>.</td></tr><tr><th scope="row" class="infobox-label">Chairman</th><td class="infobox-data"><a href="/wiki/Martin_Schlegel_(economist)" class="mw-redirect" title="Martin Schlegel (economist)">Martin Schlegel</a></td></tr><tr><th scope="row" class="infobox-label">Central bank of</th><td class="infobox-data"><a href="/wiki/Switzerland" title="Switzerland">Switzerland</a></td></tr><tr><th scope="row" class="infobox-label">Currency</th><td class="infobox-data"><a href="/wiki/Swiss_franc" title="Swiss franc">Swiss franc</a><br />CHF (<a href="/wiki/ISO_4217" title="ISO 4217">ISO 4217</a>)</td></tr><tr><th scope="row" class="infobox-label">Reserves</th><td class="infobox-data"><span style="white-space: nowrap">US$940 billion</span> (2022)<sup id="cite_ref-2022Q3-reserves_4-0" class="reference"><a href="#cite_note-2022Q3-reserves-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Interest rate target</th><td class="infobox-data">1.00%<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="http://www.snb.ch/">www<wbr />.snb<wbr />.ch</a></span></td></tr></tbody></table> <p>The <b>Swiss National Bank</b> (<b>SNB</b>; <a href="/wiki/German_language" title="German language">German</a>: <i lang="de">Schweizerische Nationalbank</i>; <a href="/wiki/French_language" title="French language">French</a>: <i lang="fr">Banque nationale suisse</i>; <a href="/wiki/Italian_language" title="Italian language">Italian</a>: <i lang="it">Banca nazionale svizzera</i>; <a href="/wiki/Romansh_language" title="Romansh language">Romansh</a>: <i lang="rm">Banca naziunala svizra</i>) is the <a href="/wiki/Central_bank" title="Central bank">central bank</a> of <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>, responsible for the nation's <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> and the sole issuer of <a href="/wiki/Swiss_franc" title="Swiss franc">Swiss franc</a> <a href="/wiki/Banknote" title="Banknote">banknotes</a>. The primary goal of its mandate is to ensure price stability, while taking economic developments into consideration.<sup id="cite_ref-snbgoals_6-0" class="reference"><a href="#cite_note-snbgoals-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>The SNB is an <i><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft">Aktiengesellschaft</a></i> under special regulations and has two head offices, one in <a href="/wiki/Bern" title="Bern">Bern</a> and the other in <a href="/wiki/Z%C3%BCrich" class="mw-redirect" title="Zürich">Zürich</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Schweizerische_Nationalbank_1907.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Schweizerische_Nationalbank_1907.jpg/220px-Schweizerische_Nationalbank_1907.jpg" decoding="async" width="220" height="334" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Schweizerische_Nationalbank_1907.jpg/330px-Schweizerische_Nationalbank_1907.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Schweizerische_Nationalbank_1907.jpg/440px-Schweizerische_Nationalbank_1907.jpg 2x" data-file-width="3077" data-file-height="4674" /></a><figcaption>Share of the Swiss National Bank, issued 6 June 1907</figcaption></figure> <p>The bank formed as a result of the need for a reduction in the number of commercial banks issuing banknotes, which numbered 53 sometime after 1826. In the 1874 revision of the Federal Constitution it was given the task to oversee laws concerning the issuing of banknotes. In 1891, the Federal Constitution was revised again to entrust the Confederation with sole rights to issue banknotes. </p> <div class="mw-heading mw-heading3"><h3 id="1905_foundation">1905 foundation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=2" title="Edit section: 1905 foundation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Swiss National Bank was founded under the law of 6 October 1905 ('the National Bank Act'),<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> which entered into force on 16 January 1906. Business was started on 20 June 1907.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="World_War_I">World War I</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=3" title="Edit section: World War I"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Sometime during <a href="/wiki/World_War_I" title="World War I">World War I</a> (1914–1917)<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> the bank was instructed to release notes of small denomination, for the first time, by the Federal Council of Switzerland.<sup id="cite_ref-Manfred_Pohl,_Sabine_Freitag_1-1" class="reference"><a href="#cite_note-Manfred_Pohl,_Sabine_Freitag-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Interwar_years">Interwar years</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=4" title="Edit section: Interwar years"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Federal_Council_(Switzerland)" title="Federal Council (Switzerland)">Federal Council</a> devalued the Swiss Franc during 1936, and as a result there was made available to the National Bank an amount of money, which the bank subsequently stored in a <span title="German-language text"><i lang="de">Währungsausgleichsfonds</i></span> reserve for use in future situations of emergency.<sup id="cite_ref-Ulrich_Bindseil,_Rudolf_Richter,_Justus_Haucap,_Christian_Wey_10-0" class="reference"><a href="#cite_note-Ulrich_Bindseil,_Rudolf_Richter,_Justus_Haucap,_Christian_Wey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="World_War_II">World War II</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=5" title="Edit section: World War II"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Switzerland_during_the_World_Wars" class="mw-redirect" title="Switzerland during the World Wars">Switzerland during the World Wars</a></div> <p>The Swiss National Bank provided 1.2 billion <a href="/wiki/Swiss_franc" title="Swiss franc">CHF</a> to the <a href="/wiki/Reichsbank" title="Reichsbank">Reichsbank</a>. Of this, a value of approximately 780 million CHF of the gold given to the National Bank was gold which had been looted by the forces of Germany. In addition the National Bank also exchanged between 1.2 and 1.6 billion CHF for gold from the <a href="/wiki/Allies_of_World_War_II" title="Allies of World War II">Allied forces</a>.<sup id="cite_ref-P._Marguerat_11-0" class="reference"><a href="#cite_note-P._Marguerat-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> During 20 April 1944, gold from the gold reserves of Italy arrived from <a href="/wiki/Como" title="Como">Como</a> at the railway station within <a href="/wiki/Chiasso" title="Chiasso">Chiasso</a>.<sup id="cite_ref-Gianni_Toniolo,_Piet_Clement_12-0" class="reference"><a href="#cite_note-Gianni_Toniolo,_Piet_Clement-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>There is controversy over the role of the Swiss National Bank in the transfer of <a href="/wiki/Nazi_gold" title="Nazi gold">Nazi gold</a> during World War II. The SNB was the largest gold distribution centre in <a href="/wiki/Continental_Europe" title="Continental Europe">continental Europe</a> before the war. A study by the <a href="/wiki/United_States_Department_of_State" title="United States Department of State">U.S. Department of State</a> in 1997 notes that the bank "must have known that some portion of the gold it was receiving from the Reichsbank was looted from occupied countries".<sup id="cite_ref-Eizenstat_13-0" class="reference"><a href="#cite_note-Eizenstat-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> This was confirmed by the Swiss <a href="/wiki/Bergier_commission" title="Bergier commission">Bergier commission</a> in 1998 which concluded that the SNB received US$440 million in gold from Nazi sources,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> of which US$316 million is estimated to have been looted.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2010)">citation needed</span></a></i>]</sup> The gold from Nazi governorship sources was in the form of lingots containing gold looted from central banks of Europe and gold from <a href="/wiki/Jews" title="Jews">Jews</a> executed within the <a href="/wiki/Internment" title="Internment">concentration camps</a> established by the machination of the Nazi regime, which the SNB took without knowing these facts at the time, nor inquiring to any great degree in the process of its transfer into the possession of the SNB, according to Robert Vogler, a former archivist of the SNB.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Post-war_20th_century">Post-war 20th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=6" title="Edit section: Post-war 20th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1981 the bank participated in research involving <a href="/wiki/Orell_F%C3%BCssli" title="Orell Füssli">Orell Füssli</a> and an optical research group named <a href="/wiki/Landis%2BGyr" title="Landis+Gyr">Landis+Gyr</a>, on matters of banknote design.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>During 1994 the bank was described as a <a href="/wiki/Joint-stock_company" title="Joint-stock company">joint-stock company</a> acting under the administration and supervision of the Confederation. It had eight branches and twenty sub-branches within <a href="/wiki/Cantons" class="mw-redirect" title="Cantons">cantons</a>. The governing board had overall executive management of the National Bank, with supervision entrusted to its shareholders, the banks' council, the banks' committee, its local committees and auditing committee. The three members of the governing board together decided the monetary policy of the Swiss National Bank. Towards the end of 1993 it had 566 employees.<sup id="cite_ref-Manfred_Pohl,_Sabine_Freitag_1-2" class="reference"><a href="#cite_note-Manfred_Pohl,_Sabine_Freitag-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2004:_formal_independence_from_government">2004: formal independence from government</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=7" title="Edit section: 2004: formal independence from government"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>With the inception of Article 99 of the <a href="/wiki/Swiss_Federal_Constitution" title="Swiss Federal Constitution">Swiss Federal Constitution</a>, in May 2004, the National Bank achieved formal independence.<sup id="cite_ref-International_Currency_Review_17-0" class="reference"><a href="#cite_note-International_Currency_Review-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2008:_UBS_bailout">2008: UBS bailout</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=8" title="Edit section: 2008: UBS bailout"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>SNB and the Swiss government engineered a bailout plan for UBS in October 2008 during the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a>.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> SNB, agreeing to take over around $60 billion of UBS's toxic assets, created a special-purpose vehicle called the SNB StabFund, to park the securities.<sup id="cite_ref-swissinfo2018_19-0" class="reference"><a href="#cite_note-swissinfo2018-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Within a few years, SNB was able to free itself from UBS's illiquid securities, making a CHF 5<span class="nowrap"> </span>billion profit in the process.<sup id="cite_ref-swissinfo2018_19-1" class="reference"><a href="#cite_note-swissinfo2018-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2011:_euro_exchange_rate_cap">2011: euro exchange rate cap</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=9" title="Edit section: 2011: euro exchange rate cap"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The SNB announced on 6 September 2011 to set a minimum exchange rate of CHF 1.20 per euro and that it would "enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities"<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> in order to take measures to stem the development of a possible recession. The bank stated the 1.20 exchange rate was defendable as the bank could potentially proceed to mint enough banknotes to control the rate sufficiently.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>The SNB announced on 15 January 2015 the euro currency arrangement would end as the euro crisis had passed and the Europeans would be making financial policy changes.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Ownership_as_of_2021">Ownership as of 2021</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=10" title="Edit section: Ownership as of 2021"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As of 31 December 2021 78,17% of voting shares are held by public shareholders (<a href="/wiki/Cantons_of_Switzerland" title="Cantons of Switzerland">cantons</a>, <a href="/wiki/Cantonal_bank" title="Cantonal bank">cantonal banks</a>, etc.). The remaining shares are largely in the hands of private persons. Shares of the SNB have been listed at the <a href="/wiki/SIX_Swiss_Exchange" title="SIX Swiss Exchange">SIX Swiss Exchange</a> since 1907.<sup id="cite_ref-QA9_25-0" class="reference"><a href="#cite_note-QA9-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> As of April 2022, <a href="/w/index.php?title=Theo_Siegert&action=edit&redlink=1" class="new" title="Theo Siegert (page does not exist)">Theo Siegert</a>, a German entrepreneur, holds 5.05% of its stocks, and as such, he is the third-largest shareholder, between the <a href="/wiki/Canton_of_Vaud" class="mw-redirect" title="Canton of Vaud">Canton of Vaud</a> (3.401%) and the <a href="/wiki/Canton_of_Z%C3%BCrich" class="mw-redirect" title="Canton of Zürich">Canton of Zürich</a> (5.2%).<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> The national bank's statutes, though, limit the voting rights of private investors to 100 shares. </p> <div class="mw-heading mw-heading3"><h3 id="2022_losses">2022 losses</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=11" title="Edit section: 2022 losses"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 9 January 2023 the SNB reported a loss of 132 billion CHF in its annual results for 2022.<sup id="cite_ref-jrr23_27-0" class="reference"><a href="#cite_note-jrr23-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> As many cantons expected dividend payments from the SNB, some cantons had to revise their budgets or even tap their financial reserves. For example, a planned tax decrease in the <a href="/wiki/Thurgau" title="Thurgau">canton of Thurgau</a> had to be postponed. Likewise, the federal government had budgeted a 666 million CHF income from SNB.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2023_liquidity_assistance">2023 liquidity assistance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=12" title="Edit section: 2023 liquidity assistance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 16 March 2023, <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> sought to shore up their finances by taking a loan of CHF 50 billion from SNB after the bank's share price dropped nearly 25<span class="nowrap"> </span>percent after <a href="/wiki/Saudi_National_Bank" title="Saudi National Bank">Saudi National Bank</a>, its largest investor, said it could not provide more financial assistance due to its regulatory restrictions.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Despite the intervention, a <a href="/wiki/Bank_run" title="Bank run">bank run</a> occurred that week, causing SNB and the <a href="/wiki/Federal_Council_(Switzerland)" title="Federal Council (Switzerland)">Swiss government</a> to fast-track <a href="/wiki/UBS" title="UBS">UBS</a> taking over Credit Suisse.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> To support the <a href="/wiki/Acquisition_of_Credit_Suisse_by_UBS" title="Acquisition of Credit Suisse by UBS">acquisition of Credit Suisse by UBS</a>, the SNB offered liquidity assistance of up to CHF 100 billion.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Responsibilities">Responsibilities</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=13" title="Edit section: Responsibilities"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:SWI-11b-Confederation_Schweizerische_Nationalbank-5_Franken_(1914).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3a/SWI-11b-Confederation_Schweizerische_Nationalbank-5_Franken_%281914%29.jpg/220px-SWI-11b-Confederation_Schweizerische_Nationalbank-5_Franken_%281914%29.jpg" decoding="async" width="220" height="253" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3a/SWI-11b-Confederation_Schweizerische_Nationalbank-5_Franken_%281914%29.jpg/330px-SWI-11b-Confederation_Schweizerische_Nationalbank-5_Franken_%281914%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3a/SWI-11b-Confederation_Schweizerische_Nationalbank-5_Franken_%281914%29.jpg/440px-SWI-11b-Confederation_Schweizerische_Nationalbank-5_Franken_%281914%29.jpg 2x" data-file-width="4214" data-file-height="4837" /></a><figcaption>Schweizerische Nationalbank (Swiss National Bank), 5 Franken (1914). The portrait depicts <a href="/wiki/William_Tell" title="William Tell">William Tell</a> (based on <a href="/wiki/Richard_Kissling" title="Richard Kissling">Richard Kissling</a>'s monument in <a href="/wiki/Altdorf,_Switzerland" class="mw-redirect" title="Altdorf, Switzerland">Altdorf</a>), with the <a href="/wiki/R%C3%BCtli" title="Rütli"> Rütli Mountain</a> in the distance.<br />Signed by K. Bornhauser (Chief Cashier), <a rel="nofollow" class="external text" href="http://www.snb.ch/en/mmr/reference/hist_bios_brp_hirter/source/hist_bios_brp_hirter.en.pdf">Johann-Daniel Hirter</a> (President of the Swiss National Bank Council), and <a rel="nofollow" class="external text" href="http://www.snb.ch/en/mmr/reference/hist_bios_dm_burckhardt/source/hist_bios_dm_burckhardt.en.pdf">August Burckhardt</a> (Board member).</figcaption></figure> <p>The basic governing principles of the Nationalbank are contained within Article 99 of the Federal Constitution, which deals with matters of monetary policy.<sup id="cite_ref-Swiss_National_Bank_34-0" class="reference"><a href="#cite_note-Swiss_National_Bank-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> There are three numbered factors concerning principles explicitly mentioning the Nationalbank, of four altogether shown within the Article. The SNB is therefore obliged by constitutional statute law to act in accordance with the <a href="/wiki/Economic" class="mw-redirect" title="Economic">economic</a> interests of Switzerland.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Accordingly, the prime function of the Nationalbank is: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>to pursue a reliable monetary policy for the benefit of the Swiss economy and the Swiss people.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>The National Bank publishes within its own site a list of research done as work in progress by staff members, which begin at 2004 (2 papers), to 2005 (2), 2006 (11), 2007 (17), 2008 (19), 2009 (16), 2010 (19), 2011 (14), 2012 (16), 2013 (11), 2014 (13), and to 1 August 2015 there is shown nine papers,<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> a list of eight economic studies which relate to the tasks of the bank, listed from 2005,<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> in addition to a bi-annually published update of research, listed from 2012 to the present.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Cash_supply_and_distribution">Cash supply and distribution</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=14" title="Edit section: Cash supply and distribution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The National Bank is entrusted with the note-issuing privilege. It supplies the economy with banknotes. It is also charged by the Confederation with the task of coin distribution. </p> <div class="mw-heading mw-heading3"><h3 id="Cashless_payment_transactions">Cashless payment transactions</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=15" title="Edit section: Cashless payment transactions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the field of cashless payment transactions, the National Bank provides services for payments between banks. These are settled in the <a href="/wiki/Swiss_Interbank_Clearing" title="Swiss Interbank Clearing">Swiss Interbank Clearing</a> (SIC) system via sight deposit accounts held with the National Bank. </p> <div class="mw-heading mw-heading3"><h3 id="Investment_of_currency_reserves">Investment of currency reserves</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=16" title="Edit section: Investment of currency reserves"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The National Bank manages <a href="/wiki/Currency_reserves" class="mw-redirect" title="Currency reserves">currency reserves</a>. These engender confidence in the Swiss franc, help to prevent and overcome crises and may be utilized for interventions in the <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange market</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Financial_system_stability">Financial system stability</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=17" title="Edit section: Financial system stability"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The National Bank contributes to the stability of the financial system by acting as an arbiter over monetary policy. Within the context of this task, it analyses sources of risk to the financial system, oversees systemically important payment and securities settlement systems and helps to promote an operational environment for the financial sector. </p> <div class="mw-heading mw-heading3"><h3 id="International_monetary_cooperation">International monetary cooperation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=18" title="Edit section: International monetary cooperation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Together with the federal authorities, the National Bank participates in international monetary cooperation and provides technical assistance. </p> <div class="mw-heading mw-heading3"><h3 id="Banker_to_the_Confederation">Banker to the Confederation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=19" title="Edit section: Banker to the Confederation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Swiss National Bank acts as banker to the Swiss Confederation. It processes payments on behalf of the Confederation, issues money market debt register claims and bonds, handles the safekeeping of securities and carries out money market and foreign exchange transactions. </p> <div class="mw-heading mw-heading3"><h3 id="Statistics">Statistics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=20" title="Edit section: Statistics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The National Bank compiles statistical data on banks and financial markets, the balance of payments, the international investment position and the Swiss financial accounts. </p> <div class="mw-heading mw-heading2"><h2 id="Policies">Policies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=21" title="Edit section: Policies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Investments">Investments</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=22" title="Edit section: Investments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg/220px-Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg/330px-Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg/440px-Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg 2x" data-file-width="4928" data-file-height="3264" /></a><figcaption>Sign asking the Swiss National Bank to <a href="/wiki/Fossil_fuel_divestment" title="Fossil fuel divestment">divest from fossil fuels</a>, at a climate demonstration in Bern (2019).</figcaption></figure> <p>The Swiss National Bank invests its assets, particularly in the <a href="/wiki/Stock_market" title="Stock market">stock market</a>. In 2018, its <a href="/wiki/Share_(finance)" title="Share (finance)">share</a> portfolio stood at 153 billion Swiss francs.<sup id="cite_ref-Jourdan_40-0" class="reference"><a href="#cite_note-Jourdan-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>According to its guidelines, it "avoids shares in companies which produce internationally banned weapons, seriously violate fundamental human rights or systematically cause severe environmental damage".<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>Since 2016, <a href="/wiki/Environmental_movement_in_Switzerland" title="Environmental movement in Switzerland">environmental associations</a> and academics criticize the fact that these investments do not take into account the <a href="/wiki/Paris_Agreement" title="Paris Agreement">Paris Climate Agreement</a> (article 2) and are responsible for at least 50 million tons of <a href="/wiki/Carbon_dioxide_in_Earth%27s_atmosphere" title="Carbon dioxide in Earth's atmosphere">carbon dioxide emissions</a> in 2017.<sup id="cite_ref-Jourdan_40-1" class="reference"><a href="#cite_note-Jourdan-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Monetary_policy">Monetary policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=23" title="Edit section: Monetary policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Switzerland_bonds.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/10/Switzerland_bonds.webp/300px-Switzerland_bonds.webp.png" decoding="async" width="300" height="85" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/10/Switzerland_bonds.webp/450px-Switzerland_bonds.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/10/Switzerland_bonds.webp/600px-Switzerland_bonds.webp.png 2x" data-file-width="3848" data-file-height="1090" /></a><figcaption>Switzerland bonds <br /> <a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted yield curve</a> in 2023 <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#00A2FF solid 3px;"> </span> 30 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#61D836 solid 3px;"> </span> 10 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#929292 solid 3px;"> </span> 2 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#FF95CA solid 3px;"> </span> 1 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#F8BA00 solid 3px;"> </span> 3 month</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#DA291C solid 3px;"> </span> Overnight</div> </figcaption></figure> <p>The Swiss National Bank pursues a monetary policy serving the interests of the country as a whole. It must ensure price stability, while taking due account of economic developments. Monetary policy affects production and prices with a considerable time lag. Consequently, it is based on inflation forecasts rather than current inflation. </p><p>The SNB's monetary policy strategy consists of three elements: a definition of price stability (the SNB equates price stability with a rise in the national consumer price index of less than 2% per year), a medium-term conditional <a href="/wiki/Inflation" title="Inflation">inflation</a> forecast, and, at operational level, a target range for a reference interest rate, which is the <a href="/wiki/Libor" title="Libor">Libor</a> for three-month investments in Swiss francs. </p> <div class="mw-heading mw-heading2"><h2 id="Governance">Governance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=24" title="Edit section: Governance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="General_Meeting_of_Shareholders">General Meeting of Shareholders</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=25" title="Edit section: General Meeting of Shareholders"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The general meeting of shareholders is held once a year, usually in April. Owing to the SNB's public mandate, the powers of the shareholders' meeting are not as extensive as in joint-stock companies under private law. </p> <div class="mw-heading mw-heading3"><h3 id="Bank_Council">Bank Council</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=26" title="Edit section: Bank Council"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Bank Council oversees and controls the conduct of business by the Swiss National Bank and consists of 11 members. Six members, including the President and Vice President, are appointed by the Federal Council, and five by the Shareholders' Meeting. The Bank Council sets up four committees from its own ranks: an Audit Committee, a Risk Committee, a Remuneration Committee and an Appointment Committee. </p><p>A list of the Bank Council members is published on the SNB website.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Governing_board">Governing board</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=27" title="Edit section: Governing board"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Update plainlinks metadata ambox ambox-content ambox-Update" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Ambox_current_red_Americas.svg/42px-Ambox_current_red_Americas.svg.png" decoding="async" width="42" height="34" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Ambox_current_red_Americas.svg/63px-Ambox_current_red_Americas.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/53/Ambox_current_red_Americas.svg/84px-Ambox_current_red_Americas.svg.png 2x" data-file-width="360" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section needs to be <b>updated</b>. The reason given is: Jordan retired, needs also new sources.<span class="hide-when-compact"> Please help update this article to reflect recent events or newly available information.</span> <span class="date-container"><i>(<span class="date">October 2024</span>)</i></span></div></td></tr></tbody></table> <p>The Swiss National Bank's management and executive body is the governing board. The governing board is responsible in particular for monetary policy, asset management strategy, contributing to the stability of the financial system and international monetary cooperation. The Governing Board consists of three members: </p> <ul><li>Chairman: <a href="/wiki/Thomas_Jordan_(economist)" title="Thomas Jordan (economist)">Thomas Jordan</a><sup id="cite_ref-snb.ch_45-0" class="reference"><a href="#cite_note-snb.ch-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup></li> <li>Vice Chairman: <a href="/wiki/Martin_Schlegel_(economist)" class="mw-redirect" title="Martin Schlegel (economist)">Martin Schlegel</a><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup></li> <li>Member: Antoine Martin<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="Chairmen_of_the_governing_board">Chairmen of the governing board</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=28" title="Edit section: Chairmen of the governing board"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable"> <tbody><tr> <th>Name </th> <th>Took office </th> <th>Left office </th> <th>Notes </th></tr> <tr> <td><a href="/w/index.php?title=Heinrich_Kundert&action=edit&redlink=1" class="new" title="Heinrich Kundert (page does not exist)">Heinrich Kundert</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://de.wikipedia.org/wiki/Heinrich_Markus_Kundert" class="extiw" title="de:Heinrich Markus Kundert">de</a>]</span> </td> <td>20 June 1907 </td> <td>30 November 1915 </td> <td><sup id="cite_ref-bankgoverningboard_48-0" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/w/index.php?title=August_Burckhardt&action=edit&redlink=1" class="new" title="August Burckhardt (page does not exist)">August Burckhardt</a> </td> <td>1 December 1915 </td> <td>26 November 1924 </td> <td><sup id="cite_ref-bankgoverningboard_48-1" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/w/index.php?title=Gottlieb_Bachmann&action=edit&redlink=1" class="new" title="Gottlieb Bachmann (page does not exist)">Gottlieb Bachmann</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://de.wikipedia.org/wiki/Gottlieb_Bachmann" class="extiw" title="de:Gottlieb Bachmann">de</a>]</span> </td> <td>1 July 1925 </td> <td>15 March 1939 </td> <td><sup id="cite_ref-bankgoverningboard_48-2" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/w/index.php?title=Ernst_Weber_(banker)&action=edit&redlink=1" class="new" title="Ernst Weber (banker) (page does not exist)">Ernst Weber</a> </td> <td>1 April 1939 </td> <td>31 March 1947 </td> <td><sup id="cite_ref-bankgoverningboard_48-3" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/w/index.php?title=Paul_Keller_(economist)&action=edit&redlink=1" class="new" title="Paul Keller (economist) (page does not exist)">Paul Keller</a> </td> <td>1 April 1947 </td> <td>31 May 1956 </td> <td><sup id="cite_ref-bankgoverningboard_48-4" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/w/index.php?title=Walter_Schwegler&action=edit&redlink=1" class="new" title="Walter Schwegler (page does not exist)">Walter Schwegler</a> </td> <td>1 June 1956 </td> <td>31 August 1966 </td> <td><sup id="cite_ref-bankgoverningboard_48-5" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/w/index.php?title=Edwin_Stopper&action=edit&redlink=1" class="new" title="Edwin Stopper (page does not exist)">Edwin Stopper</a> </td> <td>1 September 1966 </td> <td>30 April 1974 </td> <td><sup id="cite_ref-bankgoverningboard_48-6" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Fritz_Leutwiler" title="Fritz Leutwiler">Fritz Leutwiler</a> </td> <td>1 May 1974 </td> <td>31 December 1984 </td> <td><sup id="cite_ref-bankgoverningboard_48-7" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/w/index.php?title=Pierre_Languetin&action=edit&redlink=1" class="new" title="Pierre Languetin (page does not exist)">Pierre Languetin</a> </td> <td>1 January 1985 </td> <td>30 April 1988 </td> <td><sup id="cite_ref-bankgoverningboard_48-8" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/w/index.php?title=Markus_Lusser&action=edit&redlink=1" class="new" title="Markus Lusser (page does not exist)">Markus Lusser</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://de.wikipedia.org/wiki/Markus_Lusser" class="extiw" title="de:Markus Lusser">de</a>]</span> </td> <td>1 May 1988 </td> <td>30 April 1996 </td> <td><sup id="cite_ref-bankgoverningboard_48-9" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/w/index.php?title=Hans_Meyer_(economist)&action=edit&redlink=1" class="new" title="Hans Meyer (economist) (page does not exist)">Hans Meyer</a> </td> <td>1 May 1996 </td> <td>31 December 2000 </td> <td><sup id="cite_ref-bankgoverningboard_48-10" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Jean-Pierre_Roth" title="Jean-Pierre Roth">Jean-Pierre Roth</a> </td> <td>1 January 2001 </td> <td>31 December 2009 </td> <td><sup id="cite_ref-bankgoverningboard_48-11" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Philipp_Hildebrand" title="Philipp Hildebrand">Philipp Hildebrand</a> </td> <td>1 January 2010 </td> <td>9 January 2012 </td> <td><sup id="cite_ref-bankgoverningboard_48-12" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Thomas_J._Jordan" class="mw-redirect" title="Thomas J. Jordan">Thomas J. Jordan</a> </td> <td>18 April 2012 </td> <td>30 September 2024 </td> <td><sup id="cite_ref-bankgoverningboard_48-13" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Martin_Schlegel" title="Martin Schlegel">Martin Schlegel</a> </td> <td>1 October 2014 </td> <td>Incumbent </td> <td><sup id="cite_ref-bankgoverningboard_48-14" class="reference"><a href="#cite_note-bankgoverningboard-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Gold_reserves">Gold reserves</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=29" title="Edit section: Gold reserves"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The SNB manages the <a href="/wiki/Official_gold_reserves" class="mw-redirect" title="Official gold reserves">official gold reserves</a> of Switzerland, which as of 2008 amount to 1,145 <a href="/wiki/Tonne" title="Tonne">tonnes</a> and are valued at 30.5 billion <a href="/wiki/Swiss_franc" title="Swiss franc">CHF</a>.<sup id="cite_ref-Bund2008_49-0" class="reference"><a href="#cite_note-Bund2008-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> The gold is believed to be stored in huge vaults beneath the Federal Square (<i><a href="/wiki/Bundesplatz_(Bern)" class="mw-redirect" title="Bundesplatz (Bern)">Bundesplatz</a></i>) to the north of the <a href="/wiki/Federal_Palace_of_Switzerland" title="Federal Palace of Switzerland">federal parliament building</a> in <a href="/wiki/Bern" title="Bern">Bern</a>, but the SNB treats the location of the gold reserves as a secret.<sup id="cite_ref-Bund2008_49-1" class="reference"><a href="#cite_note-Bund2008-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> Independent confirmation of the gold's location was obtained by the Bernese newspaper <i><a href="/wiki/Der_Bund" title="Der Bund">Der Bund</a></i> in 2008. It published a photograph of the bullion that a <a href="/wiki/Swiss_Telegraphic_Agency" title="Swiss Telegraphic Agency">Keystone news agency</a> photographer was allowed to take at the SNB premises in Bern in 2001.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> <i>Der Bund</i> also quoted a retired official of the city's <a href="/wiki/Surveying" title="Surveying">surveying</a> office as saying that the gold vaults take up an area of roughly half the Federal Square and have a depth of dozens of meters, down to the level of the <a href="/wiki/Aar" class="mw-redirect" title="Aar">Aar</a> river.<sup id="cite_ref-Bund2008_49-2" class="reference"><a href="#cite_note-Bund2008-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> The SNB says that the gold reserves are stored in different safe places in Switzerland (70% -mostly under the <a href="/wiki/Bundesplatz" title="Bundesplatz">Bundesplatz</a> in Berne and at the <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a> in Basel) and abroad (i.e. <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> and <a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a>).<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>From the latter years of the 1990s until sometime during 2005, the National Bank transferred from its possession (when the <a href="/wiki/Gold_price" class="mw-redirect" title="Gold price">gold price</a> was at its historic low)<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> half of its gold reserves, following the <a href="/wiki/London_Conference_on_Nazi_Gold" title="London Conference on Nazi Gold">Nazi gold affair</a>.<sup id="cite_ref-Ulrich_Bindseil,_Rudolf_Richter,_Justus_Haucap,_Christian_Wey_10-1" class="reference"><a href="#cite_note-Ulrich_Bindseil,_Rudolf_Richter,_Justus_Haucap,_Christian_Wey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Study_Center_Gerzensee">Study Center Gerzensee</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=30" title="Edit section: Study Center Gerzensee"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:SchlossGerzensee_6396.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/SchlossGerzensee_6396.jpg/220px-SchlossGerzensee_6396.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/SchlossGerzensee_6396.jpg/330px-SchlossGerzensee_6396.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8a/SchlossGerzensee_6396.jpg/440px-SchlossGerzensee_6396.jpg 2x" data-file-width="1024" data-file-height="683" /></a><figcaption>Aerial view of the Gerzensee property</figcaption></figure> <p>The Study Center Gerzensee, located in <a href="/wiki/Gerzensee" title="Gerzensee">Gerzensee</a>, is a foundation established by the SNB and run as an autonomous organization. The SNB in 1980 acquired the New Castle of Gerzensee, a historical property built around 1700,<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> and repurposed it as a training and conference center that opened in 1986. The study center runs several programs of courses and hosts research and policy events, targeted at participants in the global economic research and central banking communities.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=31" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Banking_in_Switzerland" title="Banking in Switzerland">Banking in Switzerland</a></li> <li><a href="/wiki/Economy_of_Switzerland" title="Economy of Switzerland">Economy of Switzerland</a></li> <li><a href="/wiki/SARON" title="SARON">SARON</a> (Swiss Average Rate Overnight)</li> <li><a href="/wiki/Swiss_Financial_Market_Supervisory_Authority" title="Swiss Financial Market Supervisory Authority">Swiss Financial Market Supervisory Authority</a> (FINMA)</li> <li><a href="/wiki/2014_Swiss_referendums#November_referendums" title="2014 Swiss referendums">Swiss gold reserves referendum, 2014</a></li> <li><a href="/wiki/Swiss_sovereign_money_referendum,_2018" class="mw-redirect" title="Swiss sovereign money referendum, 2018">Swiss sovereign money referendum, 2018</a></li> <li><a href="/wiki/List_of_central_banks" title="List of central banks">List of central banks</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes_and_references">Notes and references</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=32" title="Edit section: Notes and references"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-Manfred_Pohl,_Sabine_Freitag-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-Manfred_Pohl,_Sabine_Freitag_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Manfred_Pohl,_Sabine_Freitag_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Manfred_Pohl,_Sabine_Freitag_1-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFPohlFreitag1994" class="citation book cs1">Pohl, Manfred; Freitag, Sabine, eds. (1994). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=eXvfNDHpfWwC&pg=PA1034"><i>Handbook on the History of European Banks</i></a>. Elgar Original Reference Series. Edward Elgar Publishing. pp. 1032, 1034–1035. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-78195-421-8" title="Special:BookSources/978-1-78195-421-8"><bdi>978-1-78195-421-8</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">31 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+on+the+History+of+European+Banks&rft.series=Elgar+Original+Reference+Series&rft.pages=1032%2C+1034-1035&rft.pub=Edward+Elgar+Publishing&rft.date=1994&rft.isbn=978-1-78195-421-8&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DeXvfNDHpfWwC%26pg%3DPA1034&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-Ivan_Tibor_Berend-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ivan_Tibor_Berend_2-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBerend2013" class="citation book cs1">Berend, Ivan Tibor (2013). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=QkL_xRYVbhwC&pg=PA162"><i>An Economic History of Nineteenth-Century Europe: Diversity and Industrialization</i></a>. Cambridge University Press. p. 162. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-107-03070-1" title="Special:BookSources/978-1-107-03070-1"><bdi>978-1-107-03070-1</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">31 July</span> 2015</span>. <q>... the Swiss National Bank (founded in 1906) ...</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Economic+History+of+Nineteenth-Century+Europe%3A+Diversity+and+Industrialization&rft.pages=162&rft.pub=Cambridge+University+Press&rft.date=2013&rft.isbn=978-1-107-03070-1&rft.aulast=Berend&rft.aufirst=Ivan+Tibor&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DQkL_xRYVbhwC%26pg%3DPA162&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.snb.ch/en/mmr/reference/shares_structure/source/shares_structure.en.pdf">"Breakdown of share ownership"</a> <span class="cs1-format">(PDF)</span>. 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Reuters.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Swiss+National+Bank%27s+forex+reserves+shrink+during+Q3&rft.pub=Reuters&rft.date=2022-12-22&rft.aulast=Revill&rft.aufirst=John&rft_id=https%3A%2F%2Fwww.reuters.com%2Fbusiness%2Ffinance%2Fswiss-national-bank-surprises-with-forex-purchases-q3-2022-12-22%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.snb.ch/en/the-snb/mandates-goals/statistics/statistics-pub/current_interest_exchange_rates#t00">"Current interest rates and exchange rates"</a>. Swiss National Bank<span class="reference-accessdate">. Retrieved <span class="nowrap">27 September</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Current+interest+rates+and+exchange+rates&rft.pub=Swiss+National+Bank&rft_id=https%3A%2F%2Fwww.snb.ch%2Fen%2Fthe-snb%2Fmandates-goals%2Fstatistics%2Fstatistics-pub%2Fcurrent_interest_exchange_rates%23t00&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-snbgoals-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-snbgoals_6-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.snb.ch/en/iabout/snb/id/snb_tasks">"Goals and responsibilities of the SNB (overview)"</a><span class="reference-accessdate">. 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Swiss National Bank<span class="reference-accessdate">. Retrieved <span class="nowrap">7 January</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+National+Bank+as+a+joint-stock+company&rft.pub=Swiss+National+Bank&rft_id=https%3A%2F%2Fwww.snb.ch%2Fen%2Fiabout%2Fsnb%2Forg%2Fid%2Fsnb_org_stock&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTaylor1961" class="citation book cs1"><a href="/wiki/A._J._P._Taylor" title="A. J. P. Taylor">Taylor, Alan John Percivale</a> (1961). <i>The Origins of the Second World War</i> (1st ed.).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Origins+of+the+Second+World+War&rft.edition=1st&rft.date=1961&rft.aulast=Taylor&rft.aufirst=Alan+John+Percivale&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-Ulrich_Bindseil,_Rudolf_Richter,_Justus_Haucap,_Christian_Wey-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-Ulrich_Bindseil,_Rudolf_Richter,_Justus_Haucap,_Christian_Wey_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Ulrich_Bindseil,_Rudolf_Richter,_Justus_Haucap,_Christian_Wey_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBernholz2006" class="citation book cs1">Bernholz, Peter (2006). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=ksjnjggRQcIC&pg=PA219">"Fuzzy and Opaque Public Property Rights Illustrated by Episodes in the History of the Swiss National Bank"</a>. In Bindseil, Ulrich; Richter, Rudolf; <a href="/wiki/Justus_Haucap" title="Justus Haucap">Haucap, Justus</a>; Wey, Christian (eds.). <i>Institutions in Perspective: Festschrift in Honor of Rudolf Richter on the Occasion of His 80th Birthday</i>. Mohr Siebeck. pp. 219–234. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-16-149061-3" title="Special:BookSources/978-3-16-149061-3"><bdi>978-3-16-149061-3</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">31 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Fuzzy+and+Opaque+Public+Property+Rights+Illustrated+by+Episodes+in+the+History+of+the+Swiss+National+Bank&rft.btitle=Institutions+in+Perspective%3A+Festschrift+in+Honor+of+Rudolf+Richter+on+the+Occasion+of+His+80th+Birthday&rft.pages=219-234&rft.pub=Mohr+Siebeck&rft.date=2006&rft.isbn=978-3-16-149061-3&rft.aulast=Bernholz&rft.aufirst=Peter&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DksjnjggRQcIC%26pg%3DPA219&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-P._Marguerat-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-P._Marguerat_11-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarguerat2013" class="citation book cs1">Marguerat, Philippe (11 January 2013). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Qe92SCpUBM8C&pg=PT87">"German Gold – Allied Gold, 1940-1945"</a>. In Kreis, Georg (ed.). <i>Switzerland and the Second World War</i>. Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-136-75670-2" title="Special:BookSources/978-1-136-75670-2"><bdi>978-1-136-75670-2</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">31 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=German+Gold+%E2%80%93+Allied+Gold%2C+1940-1945&rft.btitle=Switzerland+and+the+Second+World+War&rft.pub=Routledge&rft.date=2013-01-11&rft.isbn=978-1-136-75670-2&rft.aulast=Marguerat&rft.aufirst=Philippe&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DQe92SCpUBM8C%26pg%3DPT87&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-Gianni_Toniolo,_Piet_Clement-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-Gianni_Toniolo,_Piet_Clement_12-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTonioloClement2005" class="citation book cs1">Toniolo, Gianni; Clement, Piet (16 May 2005). <i>Central Bank Cooperation at the Bank for International Settlements, 1930–1973</i>. Studies in Macroeconomic History. Cambridge University Press. p. 252. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-521-84551-3" title="Special:BookSources/0-521-84551-3"><bdi>0-521-84551-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Central+Bank+Cooperation+at+the+Bank+for+International+Settlements%2C+1930%E2%80%931973&rft.series=Studies+in+Macroeconomic+History&rft.pages=252&rft.pub=Cambridge+University+Press&rft.date=2005-05-16&rft.isbn=0-521-84551-3&rft.aulast=Toniolo&rft.aufirst=Gianni&rft.au=Clement%2C+Piet&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-Eizenstat-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-Eizenstat_13-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEizenstat1998" class="citation web cs1">Eizenstat, Stuart (2 June 1998). <a rel="nofollow" class="external text" href="https://1997-2001.state.gov/www/policy_remarks/1998/980602_eizenstat_nazigld.html">"Eizenstat Special Briefing on Nazi Gold"</a>. <a href="/wiki/United_States_Department_of_State" title="United States Department of State">United States Department of State</a><span class="reference-accessdate">. Retrieved <span class="nowrap">5 July</span> 2006</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Eizenstat+Special+Briefing+on+Nazi+Gold&rft.pub=United+States+Department+of+State&rft.date=1998-06-02&rft.aulast=Eizenstat&rft.aufirst=Stuart&rft_id=https%3A%2F%2F1997-2001.state.gov%2Fwww%2Fpolicy_remarks%2F1998%2F980602_eizenstat_nazigld.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.uek.ch/en/publikationen1997-2000/golde.pdf">"Switzerland and Gold Transactions in the Second World War"</a> <span class="cs1-format">(PDF)</span>. Bergier Commission. May 1998. p. 64<span class="reference-accessdate">. Retrieved <span class="nowrap">5 July</span> 2006</span>. <q>All in all, the Reichsbank shipped gold valued at 1,922 million francs, or 444 million dollars to Switzerland during the war.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Switzerland+and+Gold+Transactions+in+the+Second+World+War&rft.pages=64&rft.pub=Bergier+Commission&rft.date=1998-05&rft_id=http%3A%2F%2Fwww.uek.ch%2Fen%2Fpublikationen1997-2000%2Fgolde.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRickman2011" class="citation book cs1">Rickman, Gregg J. (31 December 2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=nM2DjvGLotkC&pg=PA37"><i>Conquest and Redemption: A History of Jewish Assets from the Holocaust</i></a>. Transaction Publishers. p. 37. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4128-0899-6" title="Special:BookSources/978-1-4128-0899-6"><bdi>978-1-4128-0899-6</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">1 August</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Conquest+and+Redemption%3A+A+History+of+Jewish+Assets+from+the+Holocaust&rft.pages=37&rft.pub=Transaction+Publishers&rft.date=2011-12-31&rft.isbn=978-1-4128-0899-6&rft.aulast=Rickman&rft.aufirst=Gregg+J.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DnM2DjvGLotkC%26pg%3DPA37&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFde_LeeuwBergstra2007" class="citation book cs1">de Leeuw, Karl Maria Michael; Bergstra, Jan (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=pQBrsonDp6cC&pg=PA232"><i>The History of Information Security: A Comprehensive Handbook</i></a>. Elsevier. p. 232. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-08-055058-9" title="Special:BookSources/978-0-08-055058-9"><bdi>978-0-08-055058-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+History+of+Information+Security%3A+A+Comprehensive+Handbook&rft.pages=232&rft.pub=Elsevier&rft.date=2007&rft.isbn=978-0-08-055058-9&rft.aulast=de+Leeuw&rft.aufirst=Karl+Maria+Michael&rft.au=Bergstra%2C+Jan&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DpQBrsonDp6cC%26pg%3DPA232&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-International_Currency_Review-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-International_Currency_Review_17-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=7sUgAQAAMAAJ">"Formal independence of Central Bank"</a>. <i>International Currency Review</i>. <b>30</b>. 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Retrieved <span class="nowrap">1 August</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Research%3A+Research+Update&rft.pub=Swiss+National+Bank&rft_id=http%3A%2F%2Fwww.snb.ch%2Fen%2Fifor%2Fresearch%2Fid%2Fresearch_update&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-Jourdan-40"><span class="mw-cite-backlink">^ <a href="#cite_ref-Jourdan_40-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Jourdan_40-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJourdanMirenowicz2018" class="citation news cs1 cs1-prop-foreign-lang-source">Jourdan, Susana; Mirenowicz, Jacques (24 April 2018). <a rel="nofollow" class="external text" href="https://www.letemps.ch/opinions/bns-lutter-contre-rechauffement-climatique">"La BNS peut lutter contre le réchauffement climatique"</a> [SNB can fight global warming]. <i><a href="/wiki/Le_temps" class="mw-redirect" title="Le temps">Le temps</a></i> (in French)<span class="reference-accessdate">. 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Retrieved <span class="nowrap">6 January</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Federal+Council+appoints+Antoine+Martin+as+new+Member+of+the+Governing+Board+at+the+Swiss+National+Bank&rft.place=Berne&rft.pub=Federal+Council&rft.date=2023-09-22&rft_id=https%3A%2F%2Fwww.admin.ch%2Fgov%2Fen%2Fstart%2Fdocumentation%2Fmedia-releases.msg-id-97853.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-bankgoverningboard-48"><span class="mw-cite-backlink">^ <a href="#cite_ref-bankgoverningboard_48-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-8"><sup><i><b>i</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-9"><sup><i><b>j</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-10"><sup><i><b>k</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-11"><sup><i><b>l</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-12"><sup><i><b>m</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-13"><sup><i><b>n</b></i></sup></a> <a href="#cite_ref-bankgoverningboard_48-14"><sup><i><b>o</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.snb.ch/en/iabout/snb/hist/histbio/id/hist_bios_dm">"Members of the Governing Board from 1907 onwards"</a>. Swiss National Bank.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Members+of+the+Governing+Board+from+1907+onwards&rft.pub=Swiss+National+Bank&rft_id=https%3A%2F%2Fwww.snb.ch%2Fen%2Fiabout%2Fsnb%2Fhist%2Fhistbio%2Fid%2Fhist_bios_dm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-Bund2008-49"><span class="mw-cite-backlink">^ <a href="#cite_ref-Bund2008_49-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Bund2008_49-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Bund2008_49-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchwendener2008" class="citation news cs1 cs1-prop-foreign-lang-source">Schwendener, Pascal (25 July 2008). <a rel="nofollow" class="external text" href="http://ext.bernerzeitung.ch/artikel_549321.html">"Schatz unterm Bundesplatz: Das Gold der Nationalbank"</a>. <i><a href="/wiki/Der_Bund" title="Der Bund">Der Bund</a></i> (in German). p. 18<span class="reference-accessdate">. Retrieved <span class="nowrap">27 July</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Der+Bund&rft.atitle=Schatz+unterm+Bundesplatz%3A+Das+Gold+der+Nationalbank&rft.pages=18&rft.date=2008-07-25&rft.aulast=Schwendener&rft.aufirst=Pascal&rft_id=http%3A%2F%2Fext.bernerzeitung.ch%2Fartikel_549321.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged June 2016">dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.srf.ch/sendungen/einstein/fuenfmalklug/wo-ist-das-schweizer-gold">"Fünfmalklug - Wo ist das Schweizer Gold?"</a>. 22 March 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=F%C3%BCnfmalklug+-+Wo+ist+das+Schweizer+Gold%3F&rft.date=2013-03-22&rft_id=https%3A%2F%2Fwww.srf.ch%2Fsendungen%2Feinstein%2Ffuenfmalklug%2Fwo-ist-das-schweizer-gold&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTalos2014" class="citation news cs1 cs1-prop-foreign-lang-source">Talos, Christine (6 March 2014). <a rel="nofollow" class="external text" href="http://www.24heures.ch/suisse/bns-occupera-conseil-etats/story/12954185">"Politique monétaire: L'or de la BNS occupera le Conseil des Etats"</a> [Monetary policy: SNB gold to occupy Council of States]. <i><a href="/wiki/24_heures_(Switzerland)" title="24 heures (Switzerland)">24 heures</a></i> (in French). Berne.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=24+heures&rft.atitle=Politique+mon%C3%A9taire%3A+L%27or+de+la+BNS+occupera+le+Conseil+des+Etats&rft.date=2014-03-06&rft.aulast=Talos&rft.aufirst=Christine&rft_id=http%3A%2F%2Fwww.24heures.ch%2Fsuisse%2Fbns-occupera-conseil-etats%2Fstory%2F12954185&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMombelli2014" class="citation web cs1">Mombelli, Armando (7 November 2014). <a rel="nofollow" class="external text" href="https://www.swissinfo.ch/eng/politics/gold-reserves_swiss-love-affair-with-gold-could-heat-up-again/41101844">"Swiss love affair with gold could heat up again"</a>. <i><a href="/wiki/Swissinfo" class="mw-redirect" title="Swissinfo">Swissinfo</a></i>. <a href="/wiki/Swiss_Broadcasting_Corporation" title="Swiss Broadcasting Corporation">Swiss Broadcasting Corporation</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Swissinfo&rft.atitle=Swiss+love+affair+with+gold+could+heat+up+again&rft.date=2014-11-07&rft.aulast=Mombelli&rft.aufirst=Armando&rft_id=https%3A%2F%2Fwww.swissinfo.ch%2Feng%2Fpolitics%2Fgold-reserves_swiss-love-affair-with-gold-could-heat-up-again%2F41101844&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://hls-dhs-dss.ch/fr/articles/000489/2005-11-07/">"Gerzensee"</a>. <i>Dictionnaire Historique de la Suisse</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Dictionnaire+Historique+de+la+Suisse&rft.atitle=Gerzensee&rft_id=https%3A%2F%2Fhls-dhs-dss.ch%2Ffr%2Farticles%2F000489%2F2005-11-07%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://szgerzensee.ch/about">"About the Study Center"</a>. <i>Study Center Gerzensee - Foundation of the Swiss National Bank</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Study+Center+Gerzensee+-+Foundation+of+the+Swiss+National+Bank&rft.atitle=About+the+Study+Center&rft_id=https%3A%2F%2Fszgerzensee.ch%2Fabout&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+National+Bank" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_National_Bank&action=edit&section=33" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.snb.ch">Official website</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist 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scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Cantonal_bank" title="Cantonal bank">Cantonal</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aargauische_Kantonalbank" title="Aargauische Kantonalbank">Aargauische Kantonalbank</a> (AKB)</li> <li><a href="/wiki/Appenzeller_Kantonalbank" title="Appenzeller Kantonalbank">Appenzeller Kantonalbank</a> (APPKB)</li> <li><a href="/wiki/Banca_dello_Stato_del_Cantone_Ticino" title="Banca dello Stato del Cantone Ticino">Banca dello Stato del Cantone Ticino</a> (BancaStato)</li> <li><a href="/wiki/Berner_Kantonalbank" title="Berner Kantonalbank">Berner Kantonalbank</a> (BEKB/BCBE)</li> <li><a href="/wiki/Banque_cantonale_de_Fribourg" title="Banque cantonale de Fribourg">Banque cantonale de Fribourg</a> (BCF/FKB)</li> <li><a href="/wiki/Banque_cantonale_de_Gen%C3%A8ve" title="Banque cantonale de Genève">Banque cantonale de Genève</a> (BCGE)</li> <li><a href="/wiki/Banque_cantonale_du_Jura" title="Banque cantonale du Jura">Banque cantonale du Jura</a> (BCJU)</li> <li><a href="/wiki/Banque_cantonale_du_Valais" title="Banque cantonale du Valais">Banque cantonale du Valais</a> (BCVS/BWKB)</li> <li><a href="/wiki/Banque_cantonale_neuch%C3%A2teloise" title="Banque cantonale neuchâteloise">Banque cantonale neuchâteloise</a> (BCN)</li> <li><a href="/wiki/Banque_cantonale_vaudoise" title="Banque cantonale vaudoise">Banque cantonale vaudoise</a> (BCV)</li> <li><a href="/wiki/Basellandschaftliche_Kantonalbank" title="Basellandschaftliche Kantonalbank">Basellandschaftliche Kantonalbank</a> (BLKB)</li> <li><a href="/wiki/Basler_Kantonalbank" title="Basler Kantonalbank">Basler Kantonalbank</a> (BKB)</li> <li><a href="/wiki/Glarner_Kantonalbank" title="Glarner Kantonalbank">Glarner Kantonalbank</a> (GLKB)</li> <li><a href="/wiki/Graub%C3%BCndner_Kantonalbank" title="Graubündner Kantonalbank">Graubündner Kantonalbank</a> (GKB)</li> <li><a href="/wiki/Luzerner_Kantonalbank" title="Luzerner Kantonalbank">Luzerner Kantonalbank</a> (LUKB)</li> <li>Nidwaldner Kantonabank (NWKB)</li> <li>Obwaldner Kantonalbank (OWKB)</li> <li>St.Galler Kantonalbank (SGKB)</li> <li><a href="/wiki/Schaffhauser_Kantonalbank" title="Schaffhauser Kantonalbank">Schaffhauser Kantonalbank</a> (SHKB)</li> <li><a href="/wiki/Schwyzer_Kantonalbank" title="Schwyzer Kantonalbank">Schwyzer Kantonalbank</a> (SZKB)</li> <li><a href="/wiki/Thurgauer_Kantonalbank" title="Thurgauer Kantonalbank">Thurgauer Kantonalbank</a> (TKB)</li> <li><a href="/wiki/Urner_Kantonalbank" title="Urner Kantonalbank">Urner Kantonalbank</a> (URKB)</li> <li><a href="/wiki/Zuger_Kantonalbank" title="Zuger Kantonalbank">Zuger Kantonalbank</a> (ZugerKB)</li> <li><a href="/wiki/Zurich_Cantonal_Bank" title="Zurich Cantonal Bank">Zurich Cantonal Bank</a> (ZKB)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Private_bank" title="Private bank">Private</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_Lombard_Odier_%26_Co" title="Bank Lombard Odier & Co">Bank Lombard Odier & Co</a></li> <li><a href="/wiki/Banque_Bonh%C3%B4te" title="Banque Bonhôte">Banque Bonhôte</a></li> <li><a href="/wiki/Edmond_de_Rothschild_Group" title="Edmond de Rothschild Group">Banque privée Edmond de Rothschild</a></li> <li><a href="/wiki/CIM_Bank" title="CIM Bank">CIM Bank</a></li> <li><a href="/wiki/EFG_International" title="EFG International">EFG International</a></li> <li><a href="/wiki/Hinduja_Bank_(Switzerland)" title="Hinduja Bank (Switzerland)">Hinduja Bank</a></li> <li><a href="/wiki/J._Safra_Sarasin" title="J. Safra Sarasin">J. Safra Sarasin</a></li> <li><a href="/wiki/Julius_Baer_Group" title="Julius Baer Group">Julius Baer Group</a></li> <li><a href="/wiki/Mirabaud_Group" title="Mirabaud Group">Mirabaud Group</a></li> <li><a href="/wiki/Pictet_Group" title="Pictet Group">The Pictet Group</a></li> <li><a href="/wiki/REYL_%26_Cie" title="REYL & Cie">REYL & Cie</a></li> <li><a href="/wiki/Union_Bancaire_Priv%C3%A9e" title="Union Bancaire Privée">Union Bancaire Privée</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Defunct</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BSI_Ltd" title="BSI Ltd">BSI Ltd</a></li> <li><a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a></li> <li><a href="/wiki/Toggenburger_Bank" title="Toggenburger Bank">Toggenburger Bank</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r886047488"></div><div role="navigation" class="navbox" aria-labelledby="Switzerland_articles" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Switzerland_topics" title="Template:Switzerland topics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Switzerland_topics" title="Template talk:Switzerland topics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Switzerland_topics" title="Special:EditPage/Template:Switzerland topics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Switzerland_articles" style="font-size:114%;margin:0 4em"><a href="/wiki/Switzerland" title="Switzerland">Switzerland</a> <a href="/wiki/Outline_of_Switzerland" title="Outline of Switzerland">articles</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="3"><div><b>Major topics</b></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_Switzerland" title="History of Switzerland">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Timeline_of_Swiss_history" title="Timeline of Swiss history">Timeline</a></li> <li><a href="/wiki/Enlargement_of_Switzerland" class="mw-redirect" title="Enlargement of Switzerland">Enlargement</a></li> <li><a href="/wiki/Early_history_of_Switzerland" title="Early history of Switzerland">Early history</a></li> <li><a href="/wiki/Switzerland_in_the_Roman_era" title="Switzerland in the Roman era">Roman era</a></li> <li><a href="/wiki/Old_Swiss_Confederacy" title="Old Swiss Confederacy">Old Confederacy</a> <ul><li><a href="/wiki/Federal_Charter_of_1291" title="Federal Charter of 1291">Federal Charter</a></li> <li><a href="/wiki/R%C3%BCtli_Oath" title="Rütli Oath">Rütli Oath</a></li> <li><a href="/wiki/Growth_of_the_Old_Swiss_Confederacy" title="Growth of the Old Swiss Confederacy">Growth</a></li></ul></li> <li><a href="/wiki/Reformation_in_Switzerland" title="Reformation in Switzerland">Reformation</a></li> <li><a href="/wiki/Early_Modern_Switzerland" class="mw-redirect" title="Early Modern Switzerland">Early Modern era</a></li> <li><a href="/wiki/Switzerland_in_the_Napoleonic_era" title="Switzerland in the Napoleonic era">Napoleonic era</a></li> <li><a href="/wiki/Restoration_and_Regeneration_in_Switzerland" title="Restoration and Regeneration in Switzerland">Restoration</a></li> <li><a href="/wiki/Switzerland_as_a_federal_state" title="Switzerland as a federal state">Federal state</a></li> <li><a href="/wiki/Switzerland_during_the_World_Wars" class="mw-redirect" title="Switzerland during the World Wars">World wars</a></li> <li><a href="/wiki/Modern_history_of_Switzerland" title="Modern history of Switzerland">Modern history</a></li> <li><a href="/wiki/Military_history_of_Switzerland" title="Military history of Switzerland">Military history</a> <ul><li><a href="/wiki/List_of_wars_involving_Switzerland" title="List of wars involving Switzerland">list of wars</a></li></ul></li> <li><a href="/wiki/Historiography_of_Switzerland" title="Historiography of Switzerland">Historiography</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="5" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><a href="/wiki/File:Coat_of_Arms_of_Switzerland_(Pantone).svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Coat_of_Arms_of_Switzerland_%28Pantone%29.svg/80px-Coat_of_Arms_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="80" height="89" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Coat_of_Arms_of_Switzerland_%28Pantone%29.svg/120px-Coat_of_Arms_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Coat_of_Arms_of_Switzerland_%28Pantone%29.svg/160px-Coat_of_Arms_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="604" data-file-height="669" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Geography_of_Switzerland" title="Geography of Switzerland">Geography</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Physiographic areas</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Swiss_Alps" title="Swiss Alps">Swiss Alps</a></li> <li><a href="/wiki/Swiss_Plateau" title="Swiss Plateau">Swiss Plateau</a></li> <li><a href="/wiki/Jura_Mountains" title="Jura Mountains">Jura Mountains</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Subdivisions_of_Switzerland" title="Subdivisions of Switzerland">Subdivisions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cantons_of_Switzerland" title="Cantons of Switzerland">Cantons</a> <ul><li><a href="/wiki/Appenzell_Innerrhoden" title="Appenzell Innerrhoden">AI</a></li> <li><a href="/wiki/Aargau" title="Aargau">AG</a></li> <li><a href="/wiki/Appenzell_Ausserrhoden" title="Appenzell Ausserrhoden">AR</a></li> <li><a href="/wiki/Canton_of_Bern" title="Canton of Bern">BE</a></li> <li><a href="/wiki/Basel-Landschaft" title="Basel-Landschaft">BL</a></li> <li><a href="/wiki/Basel-Stadt" title="Basel-Stadt">BS</a></li> <li><a href="/wiki/Canton_of_Fribourg" title="Canton of Fribourg">FR</a></li> <li><a href="/wiki/Canton_of_Geneva" title="Canton of Geneva">GE</a></li> <li><a href="/wiki/Canton_of_Glarus" title="Canton of Glarus">GL</a></li> <li><a href="/wiki/Grisons" title="Grisons">GR</a></li> <li><a href="/wiki/Canton_of_Jura" title="Canton of Jura">JU</a></li> <li><a href="/wiki/Canton_of_Lucerne" title="Canton of Lucerne">LU</a></li> <li><a href="/wiki/Canton_of_Neuch%C3%A2tel" title="Canton of Neuchâtel">NE</a></li> <li><a href="/wiki/Nidwalden" title="Nidwalden">NW</a></li> <li><a href="/wiki/Obwalden" title="Obwalden">OW</a></li> <li><a href="/wiki/Canton_of_St._Gallen" title="Canton of St. Gallen">SG</a></li> <li><a href="/wiki/Canton_of_Schaffhausen" title="Canton of Schaffhausen">SH</a></li> <li><a href="/wiki/Canton_of_Solothurn" title="Canton of Solothurn">SO</a></li> <li><a href="/wiki/Canton_of_Schwyz" title="Canton of Schwyz">SZ</a></li> <li><a href="/wiki/Thurgau" title="Thurgau">TG</a></li> <li><a href="/wiki/Ticino" title="Ticino">TI</a></li> <li><a href="/wiki/Canton_of_Uri" title="Canton of Uri">UR</a></li> <li><a href="/wiki/Vaud" title="Vaud">VD</a></li> <li><a href="/wiki/Valais" title="Valais">VS</a></li> <li><a href="/wiki/Canton_of_Zug" title="Canton of Zug">ZG</a></li> <li><a href="/wiki/Canton_of_Zurich" title="Canton of Zurich">ZH</a></li></ul></li></ul> <ul><li><a href="/wiki/Districts_of_Switzerland" title="Districts of Switzerland">Districts</a></li> <li><a href="/wiki/Municipalities_of_Switzerland" title="Municipalities of Switzerland">Municipalities</a> <ul><li><a href="/wiki/List_of_cities_in_Switzerland" title="List of cities in Switzerland">list of cities and towns</a></li></ul></li> <li><a href="/wiki/NUTS_statistical_regions_of_Switzerland" title="NUTS statistical regions of Switzerland">Statistical regions</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">By topic</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_of_Switzerland" class="mw-redirect" title="Climate of Switzerland">Climate</a></li> <li><a href="/wiki/List_of_earthquakes_in_Switzerland" title="List of earthquakes in Switzerland">Earthquakes</a></li> <li><a href="/wiki/List_of_extreme_points_of_Switzerland" title="List of extreme points of Switzerland">Extreme points</a></li> <li><a href="/wiki/Fauna_of_Switzerland" title="Fauna of Switzerland">Fauna</a></li> <li><a href="/wiki/Forests_of_Switzerland" title="Forests of Switzerland">Forests</a></li> <li><a href="/wiki/List_of_glaciers_in_Switzerland" title="List of glaciers in Switzerland">Glaciers</a></li> <li><a href="/wiki/Hydrology_of_Switzerland" title="Hydrology of Switzerland">Hydrology</a></li> <li><a href="/wiki/List_of_islands_of_Switzerland" title="List of islands of Switzerland">Islands</a></li> <li><a href="/wiki/List_of_lakes_of_Switzerland" title="List of lakes of Switzerland">Lakes</a></li> <li><a href="/wiki/List_of_mountain_passes_in_Switzerland" title="List of mountain passes in Switzerland">Mountain passes</a></li> <li><a href="/wiki/List_of_prominent_mountains_of_Switzerland" title="List of prominent mountains of Switzerland">Mountains</a></li> <li><a href="/wiki/Nature_parks_in_Switzerland" title="Nature parks in Switzerland">Parks</a></li> <li><a href="/wiki/List_of_rivers_of_Switzerland" title="List of rivers of Switzerland">Rivers</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Politics_of_Switzerland" title="Politics of Switzerland">Politics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Subdivisions_of_Switzerland" title="Subdivisions of Switzerland">Administrative divisions</a></li> <li><a href="/wiki/Swiss_Federal_Constitution" title="Swiss Federal Constitution">Constitution</a></li> <li><a href="/wiki/Federal_courts_of_Switzerland" title="Federal courts of Switzerland">Courts</a> <ul><li><a href="/wiki/Federal_Supreme_Court_of_Switzerland" title="Federal Supreme Court of Switzerland">Supreme Court</a></li></ul></li> <li><a href="/wiki/Elections_in_Switzerland" title="Elections in Switzerland">Elections</a></li> <li><a href="/wiki/Foreign_relations_of_Switzerland" title="Foreign relations of Switzerland">Foreign relations</a></li> <li>Government <ul><li><a href="/wiki/Federal_Council_(Switzerland)" title="Federal Council (Switzerland)">Federal Council</a></li> <li><a href="/wiki/President_of_the_Swiss_Confederation" title="President of the Swiss Confederation">President of the Confederation</a></li> <li><a href="/wiki/Federal_administration_of_Switzerland" title="Federal administration of Switzerland">Federal administration</a></li></ul></li> <li><a href="/wiki/Human_rights_in_Switzerland" title="Human rights in Switzerland">Human rights</a> <ul><li><a href="/wiki/LGBT_rights_in_Switzerland" class="mw-redirect" title="LGBT rights in Switzerland">LGBT</a></li></ul></li> <li><a href="/wiki/Landsgemeinde" title="Landsgemeinde">Landsgemeinde</a></li> <li><a href="/wiki/Law_of_Switzerland" title="Law of Switzerland">Law</a></li> <li><a href="/wiki/Law_enforcement_in_Switzerland" title="Law enforcement in Switzerland">Law enforcement</a></li> <li><a href="/wiki/Swiss_Armed_Forces" title="Swiss Armed Forces">Military</a></li> <li><a href="/wiki/National_Redoubt_(Switzerland)" title="National Redoubt (Switzerland)">National Redoubt</a></li> <li><a href="/wiki/Swiss_neutrality" title="Swiss neutrality">Neutrality</a></li> <li><a href="/wiki/Federal_Assembly_(Switzerland)" title="Federal Assembly (Switzerland)">Parliament</a> <ul><li><a href="/wiki/National_Council_(Switzerland)" title="National Council (Switzerland)">National Council</a></li> <li><a href="/wiki/Council_of_States_(Switzerland)" title="Council of States (Switzerland)">Council of States</a></li></ul></li> <li><a href="/wiki/List_of_political_parties_in_Switzerland" title="List of political parties in Switzerland">Political parties</a></li> <li><a href="/wiki/Popular_initiative_in_Switzerland" title="Popular initiative in Switzerland">Popular initiative</a></li> <li><a href="/wiki/Voting_in_Switzerland" title="Voting in Switzerland">Voting</a></li> <li><a href="/wiki/Federal_decree" title="Federal decree">Federal decree</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economy_of_Switzerland" title="Economy of Switzerland">Economy</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_history_of_Switzerland" title="Economic history of Switzerland">Economic history</a></li> <li><a href="/wiki/Agriculture_in_Switzerland" title="Agriculture in Switzerland">Agriculture</a></li> <li><a href="/wiki/Banking_in_Switzerland" title="Banking in Switzerland">Banking</a> <ul><li><a class="mw-selflink selflink">Central bank</a></li> <li><a href="/wiki/List_of_banks_in_Switzerland" title="List of banks in Switzerland">Private banks</a></li></ul></li> <li><a href="/wiki/List_of_companies_of_Switzerland" title="List of companies of Switzerland">Companies</a></li> <li><a href="/wiki/Energy_in_Switzerland" title="Energy in Switzerland">Energy</a></li> <li><a href="/wiki/Swiss_franc" title="Swiss franc">Franc <span style="font-size:85%;">(currency)</span></a></li> <li><a href="/wiki/Pharmaceutical_industry_in_Switzerland" class="mw-redirect" title="Pharmaceutical industry in Switzerland">Pharmaceutical industry</a></li> <li><a href="/wiki/Science_and_technology_in_Switzerland" title="Science and technology in Switzerland">Science and technology</a></li> <li><a href="/wiki/SIX_Swiss_Exchange" title="SIX Swiss Exchange">Stock exchange</a></li> <li><a href="/wiki/Swiss_made" title="Swiss made">Swiss made</a></li> <li><a href="/wiki/Taxation_in_Switzerland" title="Taxation in Switzerland">Taxation</a></li> <li><a href="/wiki/Telecommunications_in_Switzerland" title="Telecommunications in Switzerland">Telecommunications</a></li> <li><a href="/wiki/Tourism_in_Switzerland" title="Tourism in Switzerland">Tourism</a></li> <li><a href="/wiki/Trade_unions_in_Switzerland" title="Trade unions in Switzerland">Trade unions</a></li> <li><a href="/wiki/Transport_in_Switzerland" title="Transport in Switzerland">Transport</a> <ul><li><a href="/wiki/List_of_airports_in_Switzerland" title="List of airports in Switzerland">air</a></li> <li><a href="/wiki/Rail_transport_in_Switzerland" title="Rail transport in Switzerland">rail</a></li> <li><a href="/wiki/List_of_Swiss_main_roads" title="List of Swiss main roads">road</a></li></ul></li> <li><a href="/wiki/Waste_management_in_Switzerland" title="Waste management in Switzerland">Waste management</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Society_of_Switzerland" title="Category:Society of Switzerland">Society</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Abortion_in_Switzerland" title="Abortion in Switzerland">Abortion</a></li> <li><a href="/wiki/Capital_punishment_in_Switzerland" title="Capital punishment in Switzerland">Capital punishment</a></li> <li><a href="/wiki/Conscription_in_Switzerland" title="Conscription in Switzerland">Conscription</a></li> <li><a href="/wiki/Corruption_in_Switzerland" title="Corruption in Switzerland">Corruption</a></li> <li><a href="/wiki/Crime_in_Switzerland" title="Crime in Switzerland">Crime</a></li> <li><a href="/wiki/Demographics_of_Switzerland" title="Demographics of Switzerland">Demographics</a></li> <li><a href="/wiki/Education_in_Switzerland" title="Education in Switzerland">Education</a></li> <li><a href="/wiki/Euthanasia_in_Switzerland" title="Euthanasia in Switzerland">Euthanasia</a></li> <li><a href="/wiki/Firearms_regulation_in_Switzerland" title="Firearms regulation in Switzerland">Firearms regulation</a></li> <li><a href="/wiki/Health_in_Switzerland" title="Health in Switzerland">Health</a></li> <li><a href="/wiki/Healthcare_in_Switzerland" title="Healthcare in Switzerland">Healthcare</a></li> <li><a href="/wiki/Homelessness_in_Switzerland" title="Homelessness in Switzerland">Homelessness</a></li> <li><a href="/wiki/Human_trafficking_in_Switzerland" title="Human trafficking in Switzerland">Human trafficking</a></li> <li><a href="/wiki/Immigration_to_Switzerland" title="Immigration to Switzerland">Immigration</a></li> <li><a href="/wiki/Pension_system_in_Switzerland" title="Pension system in Switzerland">Pensions</a></li> <li><a href="/wiki/List_of_prisons_in_Switzerland" title="List of prisons in Switzerland">Prisons</a></li> <li><a href="/wiki/Poverty_in_Switzerland" title="Poverty in Switzerland">Poverty</a></li> <li><a href="/wiki/Prostitution_in_Switzerland" title="Prostitution in Switzerland">Prostitution</a></li> <li><a href="/wiki/Social_security_in_Switzerland" title="Social security in Switzerland">Social security</a></li> <li><a href="/wiki/Swiss_people" title="Swiss people">Swiss people</a></li> <li><a href="/wiki/Public_Welfare_Policy_in_Switzerland" title="Public Welfare Policy in Switzerland">Welfare</a></li> <li><a href="/wiki/Women_in_Switzerland" title="Women in Switzerland">Women</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Culture_of_Switzerland" title="Culture of Switzerland">Culture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Swiss_Psalm" title="Swiss Psalm">Anthem</a></li> <li><a href="/wiki/Architecture_of_Switzerland" title="Architecture of Switzerland">Architecture</a></li> <li><a href="/wiki/Cinema_of_Switzerland" title="Cinema of Switzerland">Cinema</a></li> <li><a href="/wiki/Coat_of_arms_of_Switzerland" title="Coat of arms of Switzerland">Coat of arms</a></li> <li><a href="/wiki/Swiss_cuisine" title="Swiss cuisine">Cuisine</a></li> <li><a href="/wiki/Flag_of_Switzerland" title="Flag of Switzerland">Flag</a></li> <li><a href="/wiki/Swiss_folklore" title="Swiss folklore">Folklore</a></li> <li><a href="/wiki/Helvetia" title="Helvetia">Helvetia</a></li> <li><a href="/wiki/Languages_of_Switzerland" title="Languages of Switzerland">Languages</a> <ul><li><a href="/wiki/Swiss_Standard_German" title="Swiss Standard German">German</a></li> <li><a href="/wiki/Swiss_French" title="Swiss French">French</a></li> <li><a href="/wiki/Swiss_Italian" title="Swiss Italian">Italian</a></li> <li><a href="/wiki/Romansh_language" title="Romansh language">Romansh</a></li> <li><a href="/wiki/R%C3%B6stigraben" title="Röstigraben">Röstigraben</a></li></ul></li> <li><a href="/wiki/Swiss_literature" title="Swiss literature">Literature</a></li> <li><a href="/wiki/Mass_media_in_Switzerland" title="Mass media in Switzerland">Media</a></li> <li><a href="/wiki/Music_of_Switzerland" title="Music of Switzerland">Music</a></li> <li><a href="/wiki/Public_holidays_in_Switzerland" title="Public holidays in Switzerland">Public holidays</a> <ul><li><a href="/wiki/Swiss_National_Day" title="Swiss National Day">National Day</a></li></ul></li> <li><a href="/wiki/Religion_in_Switzerland" title="Religion in Switzerland">Religion</a></li> <li><a href="/wiki/Sport_in_Switzerland" title="Sport in Switzerland">Sport</a></li> <li><a href="/wiki/National_symbols_of_Switzerland" title="National symbols of Switzerland">Symbols</a></li> <li><a href="/wiki/Swiss_Inventory_of_Cultural_Property_of_National_and_Regional_Significance" title="Swiss Inventory of Cultural Property of National and Regional Significance">Cultural Property of National Significance</a></li> <li><a href="/wiki/List_of_World_Heritage_Sites_in_Switzerland" title="List of World Heritage Sites in Switzerland">World Heritage Sites</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="3" style="font-weight:bold;"><div><div style="margin-bottom:-0.4em;"><ul><li><span class="nobold"><a href="/wiki/Outline_of_Switzerland" title="Outline of Switzerland">Outline</a></span></li><li><span class="nobold"><a href="/wiki/Outline_of_Switzerland" title="Outline of Switzerland">Index</a></span></li></ul></div> <ul><li><a href="/wiki/Category:Switzerland" title="Category:Switzerland">Category</a></li> <li><a href="/wiki/Portal:Switzerland" title="Portal:Switzerland">Portal</a></li></ul></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Central_banks" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" 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class="navbox-group" style="width:1%">Global</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/Basel_Committee_on_Banking_Supervision" title="Basel Committee on Banking Supervision">Basel Committee on Banking Supervision</a></li> <li><a href="/wiki/Financial_Stability_Board" title="Financial Stability Board">Financial Stability Board</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_requirement" title="Capital requirement">Capital requirement</a></li> <li><a href="/wiki/Contractionary_monetary_policy" class="mw-redirect" title="Contractionary monetary policy">Contractionary monetary policy</a></li> <li><a href="/wiki/Expansionary_monetary_policy" class="mw-redirect" title="Expansionary monetary policy">Expansionary monetary policy</a></li> <li><a href="/wiki/Basel_Accords" title="Basel Accords">Basel Accords</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Implementation</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_control" title="Capital control">Capital control</a></li> <li><a href="/wiki/Discount_window" title="Discount window">Discount rate</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rates</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Open_market_operation" title="Open market operation">Open market operation</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods<br />system</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a></li> <li><a href="/wiki/World_Bank_Group" title="World Bank Group">World Bank Group</a> <ul><li><a href="/wiki/International_Bank_for_Reconstruction_and_Development" title="International Bank for Reconstruction and Development">International Bank for Reconstruction and Development</a></li> <li><a href="/wiki/International_Centre_for_Settlement_of_Investment_Disputes" title="International Centre for Settlement of Investment Disputes">International Centre for Settlement of Investment Disputes</a></li> <li><a href="/wiki/International_Development_Association" title="International Development Association">International Development Association</a></li> <li><a href="/wiki/International_Finance_Corporation" title="International Finance Corporation">International Finance Corporation</a></li> <li><a href="/wiki/Multilateral_Investment_Guarantee_Agency" title="Multilateral Investment Guarantee Agency">Multilateral Investment Guarantee Agency</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_central_banks" title="List of central banks">List of central banks</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Africa" class="mw-redirect" title="Central banks and currencies of Africa">Central banks and currencies of Africa</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Asia-Pacific" title="Central banks and currencies of Asia-Pacific">Central banks and currencies of Asia-Pacific</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_the_Caribbean" title="Central banks and currencies of the Caribbean">Central banks and currencies of the Caribbean</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Europe" title="Central banks and currencies of Europe">Central banks and currencies of Europe</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_the_Americas" title="Central banks and currencies of the Americas">Central banks and currencies of the Americas</a></li></ul> </div></td></tr></tbody></table></div> <style data-mw-deduplicate="TemplateStyles:r1130092004">.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;justify-content:center;align-items:baseline}.mw-parser-output .portal-bar-bordered{padding:0 2em;background-color:#fdfdfd;border:1px solid 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typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/19px-Emblem-money.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/29px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/38px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Economy" class="mw-redirect" title="Portal:Economy">Economy</a></li><li class="portal-bar-item"><span class="nowrap"><span class="mw-image-border" typeof="mw:File"><span><img alt="flag" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Flag_of_Switzerland.svg/19px-Flag_of_Switzerland.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Flag_of_Switzerland.svg/29px-Flag_of_Switzerland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Flag_of_Switzerland.svg/38px-Flag_of_Switzerland.svg.png 2x" data-file-width="512" data-file-height="512" /></span></span> </span><a href="/wiki/Portal:Switzerland" title="Portal:Switzerland">Switzerland</a></li><li class="portal-bar-item"><span class="nowrap"><span typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/19px-All-currency-symbol.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/29px-All-currency-symbol.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/38px-All-currency-symbol.svg.png 2x" data-file-width="54" data-file-height="54" /></span></span> </span><a href="/wiki/Portal:Banks" title="Portal:Banks">Banks</a></li></ul></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q597394#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q597394#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q597394#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, 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