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The Swiss National Bank reported a profit of 62.5 billion francs ($72 billion) for the first nine months of the year, driven by gains in equities, bonds, and gold prices. Despite the strong franc impacting results, the central bank's profit continued to grow in the July-September period, raising the possibility of resuming profit distributions after a two-year hiatus.
The Swiss National Bank (SNB) has initiated a competition to design a new series of banknotes themed “Switzerland and its altitudes,” with designs to be developed from February to July 2025. The new notes will maintain existing colors and denominations, with a planned release in the early 2030s. The series will depict Switzerland's diverse topography, featuring various altitudes, while ensuring high security and functionality.
The Swiss National Bank is ready to intervene in currency markets if the US presidential election results in a stronger franc, according to its president, Martin Schlegel. He highlighted the currency's status as a safe haven, particularly in the event of a Donald Trump victory on November 5.
The Swiss National Bank (SNB) is launching a design competition for a new series of banknotes, themed "Switzerland and its Elevations," reflecting the country's topography. Public feedback will be incorporated into the design evaluation, with new notes expected to circulate in the early 2030s. The series will maintain familiar colors and include a 1000-franc note, emphasizing the continued importance of cash in Switzerland.
The Swiss National Bank is set to launch a new banknote series themed "Switzerland and its altitudes," focusing on the country's diverse topography. A design competition for Swiss designers will begin in February 2025, with results announced in fall 2026, and the first notes expected in the early 2030s. The project aims to enhance security features while maintaining cash as a popular payment method, with estimated costs in the mid double-digit millions.
The Swiss National Bank has announced plans to introduce a new series of banknotes in the early 2030s, despite a decline in cash usage. The new notes will feature the theme “Switzerland and its altitudes,” with each of the six denominations representing a different Swiss region, from valleys to mountains.
The Swiss National Bank may need to lower interest rates again as inflation continues to decline, according to President Martin Schlegel. He emphasized the importance of normalizing monetary policy to maintain price stability in the medium term, indicating that further rate cuts could be necessary in the coming quarters.
At the IMF and World Bank fall meeting, Federal Councillor Karin Keller-Sutter highlighted Switzerland's strong economic position, with a debt level of 39% of GDP, significantly lower than that of the US, France, and Germany. She emphasized the need for coordinated international measures to address the "too big to fail" issue among banks and noted rising defense spending due to geopolitical tensions. Additionally, the IMF forecasts moderate global growth of 3.2% amid declining inflation, while Switzerland welcomes Liechtenstein as its newest IMF member.
UBS is undergoing the largest data migration in a financial sector takeover, transitioning 1.3 million Credit Suisse clients to its platform while aiming for $13 billion in cost savings by 2026. However, significant improvements in cost structure are not expected until mid-2025, and uncertainty over future capital requirements is impacting UBS's share price. The bank's upcoming quarterly results are highly anticipated, especially in light of strong performances from major US banks, but UBS faces challenges in maintaining its investment banking growth strategy.
The Swiss National Bank is at the forefront of a significant turnaround in interest rates, prompting recent cuts. Bernd Hartmann, Head of Research at VP Bank, discusses the factors leading to these changes, potential future developments, and the anticipated impact of the cuts on the economy.
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