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Antoine Martin, Vice-Chairman of the Swiss National Bank (SNB), stresses the importance of banks holding sufficient collateral to prepare for crises, supporting the Federal Council's proposals to enhance too-big-to-fail regulations. He emphasizes the need for strong relationships with the Financial Market Supervisory Authority and the Federal Council to ensure financial stability. Regarding the Swiss Franc, Martin expresses a calm outlook, indicating that recent developments are neither surprising nor problematic, while hinting at potential future interest rate cuts.
The Riksbank in Sweden is urging institutions to accept cash as its availability declines, while Switzerland faces a similar trend with a failed cash initiative and a proposed constitutional safeguard for cash supply. The Swiss National Bank reports a significant drop in cash transactions, with debit cards and apps overtaking cash payments, particularly in rural areas where access to cash is diminishing.
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 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.
Switzerland is in a strong economic position, with a debt estimated at 39% of GDP, significantly lower than that of the US, France, and Germany, according to Federal Councillor Karin Keller-Sutter at the IMF and World Bank meeting. She emphasized the need for coordinated international measures to address the challenges posed by large banks and rising defense spending amid geopolitical tensions. The IMF forecasts moderate global growth of 3.2% this year, with declining inflation in many countries attributed to central bank policies.
Martin Schlegel, the newly appointed president of the Swiss National Bank (SNB), highlighted significant geopolitical risks during his inaugural speech in Bellinzona. He projected subdued economic growth, estimating a GDP increase of just 1 percent for the year, below the long-term average. The visit was met with pride from local officials, including Christian Vitta, head of the Ticino Department of Finance and Economy.
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