Schweizerische Nationalbank (National Bank of Switzerland)
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Schweizerische Nationalbank is the central bank of the Swiss Confederation. The bank is also responsible for conducting Switzerland’s monetary policy and ensuring price stability.
Schweizerische Nationalbank is the central bank of the Swiss Confederation. The bank is also responsible for conducting Switzerland’s monetary policy and ensuring price stability.
The bank is an independent institution and is obliged by the Constitution and statute to direct its acts toward the interest of the Swiss economy. Since the National Bank has a responsibility towards the public, the federal government is involved in its administration.
In order to realize its objectives the Schweizerische Nationalbank undertakes following functions:
- Issuing and controlling the circulation of banknotes in the country
- Ensuring price stability in the country
- Carrying out banking transactions on behalf of the Swiss Confederation
- Advising the central government on financial and economic matters
The bank has a considerable degree of independence in carrying out its functions. However, at the same time the national bank is required to report to the Federal Council and the common public regularly on the developments concerning the monetary policy.
The National Bank’s monetary policy influences the economy in numerous ways. The monetary policy influences the exchange rate and the interest rates, and thus the level of inflation.
The administration of the Schweizerische Nationalbank is in the hands of three departments. While Department I has the responsibility of preparing the monetary policy, Department II is responsible for issuing the banknotes and carrying out banking transactions on behalf of the Swiss Confederation. Department II is also responsible for monitoring the developments in the financial system. Department III is concerned with implementing the monetary policy and conducting foreign currency transactions.
The Address and Contact details of the bank is as follows:
Schweizerische Nationalbank
Address: Börsenstrasse 15 CH-8022 Zürich SWITZERLAND Phone No.: ++41-1-631 31 11 Fax: ++41-1-631 39 10
