Preface
The first part of the Swiss National Bank’s Annual Report for 2025 comprises the accountability report submitted by the Governing Board to the Federal Assembly. It sets out how the SNB has fulfilled its tasks pursuant to art. 5 of the National Bank Act during the past year. The second part consists of the financial report, which provides information on organisational and operational developments as well as the financial result of the SNB. The financial report is submitted for approval first to the Federal Council and then to the General Meeting of Shareholders.
Key points
- In 2025, the Swiss economy recorded below-average growth for the third year running. The labour market continued to lose momentum.
- Inflation receded further in the first half of the year. It stabilised in the second half of the year at the lower end of the range of 0% to 2% that the SNB equates with price stability.
- The SNB continued the easing of monetary policy it had begun in the previous year. In March and June, it cut the SNB policy rate by 0.25 percentage points on each occasion, lowering it from 0.5% to 0% overall.
- In September and December, it left the SNB policy rate unchanged at 0%, as inflationary pressure in the medium term had remained virtually the same compared to the previous quarter and monetary policy was having an expansionary effect. In addition, the accommodative monetary policy supported economic development in Switzerland.
- At its quarterly monetary policy assessments, the SNB also confirmed its willingness to intervene in the foreign exchange market as necessary in order to contribute to appropriate monetary conditions.
Accountability report
The accountability report provides information about how the SNB has fulfilled its tasks pursuant to art. 5 of the National Bank Act – in particular as regards its conduct of monetary policy and its contribution to the stability of the financial system.
Monetary policy
In March and June 2025, the SNB cut its policy rate by 0.25 percentage points on each occasion, lowering it from 0.5% to 0% overall. The easing of monetary policy ensured that monetary conditions remained appropriate, thereby maintaining price stability.
Contribution to financial stability
In the context of crisis prevention, the SNB analyses risks and developments in the financial sector. In the year under review, it focused increasingly on the risks to financial stability stemming from non-bank financial intermediaries (NBFIs).
Cash supply and distribution
Together with the Federal Finance Administration, the SNB held the second cash roundtable in November. Cash access and acceptance were discussed with representatives of stakeholders involved in cash supply and distribution.
Financial report
The financial report provides information on the organisational and operational development as well as the financial result of the SNB. It comprises the business report (including information on corporate governance) and the annual financial statements.
Annual result
The SNB’s 2025 annual financial statements closed with a profit of CHF 26.1 billion. The SNB set the allocation to the provisions for currency reserves at CHF 12.7 billion. After taking into account the distribution reserve of CHF 12.9 billion, the net profit comes to CHF 26.3 billion. This allows a dividend payment of the legally stipulated maximum amount of CHF 15 per share. In accordance with the profit distribution agreement between the Federal Department of Finance and the SNB, a total of CHF 4 billion will be paid out to the Confederation and the cantons for 2025.
Renovation of Kaiserhaus
Renovation of the Kaiserhaus in Berne advanced well in 2025 and is nearing completion. The building will include offices for staff and a conference floor. The premises that will in future house food and drink facilities and businesses were handed over to the tenants in October. The ‘Moneyverse’ visitor centre on the topic of money, created by the SNB in cooperation with the Bern History Museum, is also close to completion. The Kaiserhaus will reopen in April 2026.
