Datum	Text
18.12.1970	Federal Coinage Act. RS 941.10. RO 1971 360. Federal Council Message of 7 July 1970. FF 1970 II 105. Comes into effect 1 April 1971.
11.03.1971	Federal Act on Banks and Savings Banks (partial revision). RS 952.0. RO 1971 808. Federal Council Message of 13 May 1970. FF 1970 I 1144. Comes into effect 1 July 1971.
01.04.1971	Ordinance in implementation of the Federal Coinage Act. RS 941.101. RO 1971 363. Federal Council Decree on fixing the gold parity of the Swiss franc. RO 1971 367.
09.05.1971	Swiss franc revalued by 7.07%, in that the gold parity is revalued from 203.22 mg to 217.59 mg of fine gold. RS 941.102 RO 1971 465.
25.06.1971	Federal Decree authorising the SNB to carry out forward foreign exchange transactions. RO 1971 960. Federal Council Message of 1 June 1971. FF 1971 I 1287.
09.08.1971	Agreement between the SNB and the three big banks on immediate measures to be taken in the event of unusually large foreign currency inflows to the SNB (Emergency Agreement).
15.08.1971	Gold convertibility of the dollar abandoned. SNB refrains from foreign exchange market operations until the Smithsonian Agreement is signed on 18 December 1971. Requirement that all capital export transactions denominated in Swiss francs that are subject to approval be converted to foreign currency at banks in Switzerland.
16.08.1971	Agreement on extraordinary minimum balances and the payment of interest on foreign funds (Supplementary Agreement to the Framework Agreement of 1 September 1969).
08.10.1971	Federal Council Decree on protecting the national currency. RO 1971 1449. Federal Council Message of 8 September 1971. FF 1971 II 837. Comes into effect 15 October 1971.
18.12.1971	General adjustment of exchange rates as part of the Smithsonian Agreement.
20.12.1971	After consultation and in agreement with the SNB Governing Board, the Federal Council decides to fix an average exchange rate of CHF 3.84 for the US dollar.
17.05.1972	Ordinance on the Federal Act on Banks and Savings Banks (comprehensive revision). RS 952.02. RO 1972 821.
26.06.1972	Federal Council Decree relating to a ban on foreign funds being invested in domestic real estate. RO 1972 1062. Ordinance on the investment of foreign funds. RO 1972 1065.
04.07.1972	Ordinance on the payment of interest on foreign funds (ban on paying interest, commission charges) RO 1972 1521.
05.07.1972	Ordinance on permit requirements for borrowing funds abroad. RO 1972 1524. Ordinance on minimum balances on foreign funds. RO 1972 1526. Ordinance on bank foreign currency positions. RO 1972 1530/2469 (suspended from 16 October 1972 to 29 January 1973 and from 1 October 1973 to 23 January 1975).
24.07.1972	Urgent recommendation from SNB Governing Board to credit institutions that the guidelines be observed when making new loan approvals.
20.12.1972	Federal Decree on measures in the area of credit (minimum balances on domestic and foreign funds, lending limits, monitoring of securities issues). RO 1972 3068. Federal Council Message dated 4 December 1972. FF 1972 II 1541.
31.12.1972	Repeal of the European Monetary Agreement.
10.01.1973	Ordinance relating to measures in the area of credit (replaces Ordinance of 5 July 1972 on minimum balances on foreign funds). RO 1973 85. Ordinance on consumer credit and hire purchase business. RO 1973 88.
23.01.1973	In agreement with the Federal Council, the SNB terminates until further notice its dollar purchases aimed at supporting the exchange rate (currency allowed to float).
12.02.1973	Dollar devalued by 10%.
12.03.1973	The leading industrial countries of Europe decide to allow their currencies to float until further notice. Within the context of the 1972/73 lending limits, the Federal Council establishes a hardship contingency fund of CHF 200 million for subsidised residential construction. RO 1973 407.
01.04.1973	The insurance companies come to a gentleman’s agreement whereby they will not change the structure of their investments.
16.04.1973	Permit requirements for borrowing funds abroad tightened. RO 1973 641.
04.07.1973	Ordinance on the application of measures for the protection of the currency to the Principality of Liechtenstein. RO 1973 1125.
22.08.1973	Within the context of the 1973/74 lending limits, the Federal Council establishes a hardship contingency fund of CHF 500 million for low-priced residential construction. RO 1973 1215.
30.01.1974	Repeal of the Ordinance of 26 June 1972 on the investment of foreign funds. RO 1974 268.
01.02.1974	Repeal of the Federal Council Decree of 26 June 1972 relating to the ban on foreign funds being invested in domestic real estate. RO 1974 93.
29.05.1974	Within the context of the 1974/75 lending limits, the Federal Council establishes a hardship contingency fund of CHF 800 million for low-priced residential construction. RO 1974 1126.
28.06.1974	Extension (to 15 October 1977) of the Federal Decree of 8 October 1971 on the protection of the currency. RO 1974 1184. Federal Council Message of 10 April 1974. FF 1974 I 1253.
23.09.1974	The group of securities issues known as ’small issues’ becomes subject to permit requirements for the first time (monitoring of securities issues). RO 1974 1509.
16.10.1974	Repeal of the Ordinance of 4 July 1972 on the payment of interest on foreign funds (ban on paying interest, commission charges). RO 1974 1584.
20.11.1974	Ordinance on measures to counter the inflow of foreign funds (ban on paying interest, commission charges, limitation of Swiss franc forward sales to foreigners). RO 1974 1822.
08.01.1975	For 1975, the SNB Governing Board envisages expanding both the monetary base and the money stock in its narrower sense (M1) by about 6%. Ordinance on lending limits (excludes credits for non-luxury residential construction and infrastructural construction). RO 1975 52.
22.01.1975	Ordinance on immobilising Swiss franc receipts from interventions in the foreign exchange market. RO 1975 103. Ban on the payment of interest extended to all Swiss franc balances held by foreigners, and commission charges on growth in these balances increased. RO 1975 105.
17.03.1975	Requirement that foreign currency positions be balanced daily for each currency individually. RO 1975 557.
20.03.1975	Extension of Federal Decree of 4 October 1963 on Swiss participation in international currency measures. RS 941.13. RO 1975 1293. Federal Council Message of 27 January 1975. FF 1975 I 614. Comes into effect 15 July 1975. Gentleman’s agreement between the Swiss banks and the SNB on reporting foreign exchange transactions (in effect until 30 June 1979).
24.03.1975	Gentleman’s agreement between multinational companies and the SNB on reporting foreign exchange transactions (in effect until 30 June 1979).
18.04.1975	Agreement between the SNB and the Swiss banks on alleviating liquidity difficulties in the export sector (in effect until 31 October 1980).
23.04.1975	Full abolition of the lending limit (with effect from 1 May). RO 1975 836. Abolition of the ordinance of 10 January 1973 on consumer credit and hire purchase business. RO 1975 838.
01.06.1975	Agreement between the SNB and banks operating in the field of long-term export finance (in effect until 1 June 1981).
02.12.1975	Federal Decree on Switzerland becoming a member of the Inter-American Development Bank. RO 1977 395.
19.12.1975	Federal Decree and Ordinance on monetary and credit policies (replaces the Federal Decree of 20 December 1972 on measures in the area of credit). The existing requirements relating to minimum balances are retained and monitoring of securities issues remains as before. RO 1975 2568. Federal Council Message of 9 July 1975. FF 1975 II 421. Comes into effect 1 January 1976.
05.01.1976	For 1976, the Governing Board sets as the monetary objective a 6% increase in the money stock in its narrower sense (M1).
11.03.1976	Modification of article 14.3 Federal Act on the SNB (authorisation to conclude foreign exchange forward transactions for a maximum term of three months) RO 1976 1460.
01.04.1976	Gentleman’s agreement between the SNB and the companies with international operations on reporting capital movements (in effect until 31 March 1978).
14.04.1976	Ordinance on importing foreign banknotes. RO 1976 883.
28.04.1976	Agreement between the SNB and the Swiss banks on limiting the import of Italian payment instruments (in effect until 1 December 1976).
15.06.1976	Gentleman’s agreement between the SNB and the Swiss banks on currency measures (in effect until 15 June 1981).
04.10.1976	Issue of CHF 100 (Francesco Borromini) banknote.
01.11.1976	Agreement between the SNB and the textile and apparel industry on foreign exchange forward transactions (in effect until 30 April 1979). Agreement between the SNB and the watch industry on foreign exchange forward transactions (in effect until 27 September 1979).
26.11.1976	In agreement with the Federal Council, the SNB Governing Board envisages for 1977 an average 5% growth for the money stock in its narrower sense (M1).
15.12.1976	Federal Decree on the renewal of the SNB’s exclusive note-issuing privilege. FF 1976 III 1555. Federal Council message dated 15 September 1976. FF 1976 III 576.
28.02.1977	The last remaining minimum balance requirements are abolished.
04.04.1977	Issue of CHF 500 (Albrecht von Haller) banknote.
20.04.1977	Repeal of the Ordinance of 14 April 1976 on importing foreign banknotes. RO 1977 764.
02.06.1977	Agreement between the SNB and the Swiss banks on the duty of care when accepting funds and the handling of bank secrecy.
07.10.1977	Extension (to 15 October 1980) of the Federal Decree of 8 October 1971/28 June 1974 on the protection of the currency. RO 1977 1859. Federal Council Message dated 27 April 1977. FF 1977 II 325.
19.12.1977	In agreement with the Federal Council, the SNB Governing Board envisages for 1978 an average 5% growth for the money stock in its narrower sense (M1).
22.02.1978	The level of foreign bank balances remaining free of commission charges is lowered, thereby making these charges more onerous. RO 1978 246. General requirement that foreign currency positions be balanced daily. RO 1978 247.
26.02.1978	A new constitutional article 31quinquies is adopted (article relating to economic developments). Federal Council Message dated 27 September 1976. FF 1976 III 677.
27.02.1978	Ordinance on the investment of foreign funds in domestic securities. RO 1978 250. Ordinance on importing foreign banknotes. RO 1978 253. Ordinance authorising the SNB to conclude long-term foreign exchange forward transactions. RO 1978 255.
01.04.1978	With a second revision to its Articles of Agreement, the International Monetary Fund recognises the legality of the system of flexible exchange rates.
04.04.1978	Issue of CHF 1,000 (Auguste Forel) banknote.
19.04.1978	Agreement between the SNB and the timber industry on foreign exchange forward transactions (in effect until 19 April 1979).
15.06.1978	Federal Decree on monetary policy (replaces the Federal Decree on monetary and credit policy of 19 December 1975 and now based on articles 31quinquies and 39 of the Swiss Constitution). RO 1978 1439. Federal Council Message of 22 March 1978. FF 1978 I 1077. Comes into effect 1 January 1979. Federal Decree on the protection of the currency (replaces the Federal Decree of 7 October 1977 with the same name, and now based on articles 31quinquies and 39 of the Swiss Constitution). RO 1978 1436. Federal Council Message of 17 April 1978. FF 1978 I 1205. Comes into effect 7 October 1978.
01.10.1978	For the first time since the transition to flexible exchange rates, the SNB sets a fixed exchange rate target, which is that the Swiss franc exchange rate is to be influenced in such a way that the German mark rate ″clearly settles at a level below 80 Swiss francs to 100 German marks”.
04.10.1978	Issue of CHF 50 (Konrad Gessner) banknote.
23.10.1978	Cessation of tied foreign payment transactions and closure of the Swiss Clearing Office with effect from 1 January 1979. RO 1978 1624.
08.11.1978	Agreement between the SNB and the Swiss banks on flexible hedging of payment receipts in the Swiss export industry (currency option). In effect until 30 November 1981.
15.12.1978	Federal Act on the Swiss National Bank (partial revision). RS 951.11. RO 1979 983. Federal Council Message of 27 February 1978. FF 1978 I 769. Comes into effect 1 August 1979.
10.01.1979	In agreement with the Federal Council, the SNB Governing Board decides not to set a money supply target for the year 1979 and to continue pursuing the exchange rate policy initiated at the beginning of October 1978.
24.01.1979	Repeal of the Ordinance of 27 February 1978 on the investment of foreign funds in domestic securities. RO 1979 169. Repeal of the Ordinance of 27 February 1978 on importing foreign banknotes. RO 1979 170.
04.04.1979	Issue of CHF 20 (Horace-Bénédict de Saussure) banknote.
30.05.1979	Repeal of the Ordinance of 5 July 1972 on bank foreign currency positions, the Ordinance of 5 July 1972 on permit requirements for borrowing funds abroad and the Ordinance of 22 January 1975 on immobilising Swiss franc receipts from interventions in the foreign exchange market. RO 1979 765.
11.07.1979	Ordinance on bank minimum reserves. RS 951.131. RO 1979 994. Ordinance on the monitoring of securities issues. RS 951.141. RO 1979 997. Ordinance on funds from abroad. RS 951.151. RO 1979 999. SNB Ordinance on foreign bank balances and forward foreign exchange transactions with foreigners. RO 1979 1003.
01.08.1979	Revised National Bank Act and its implementation provisions come into effect. The Federal Decrees of 15 June 1978 on monetary policy and the protection of the currency become invalid.
01.11.1979	Commission charge on growth in foreign Swiss franc balances reduced from 10% to 2.5% per quarter. RO 1979 1531.
05.11.1979	Issue of CHF 10 (Leonhard Euler) banknote.
29.11.1979	Commission charges on growth in foreign Swiss franc balances suspended. RO 1979 1859.
14.12.1979	In agreement with the Federal Council, the SNB Governing Board envisages for 1980 an increase in the monetary base (banknote circulation and banks’ sight deposits with the SNB) of approximately 4%. Federal Decree of 4 October 1963/20 March 1975 on Swiss participation in international currency measures extended (to 15 July 1985). RS 941.13. RO 1980 325. Federal Council Message of 30 May 1979. FF 1979 II 348.