The implementation and transmission of the SNB's monetary policy during the recent tightening cycle

April 18, 2024
Money Market Event, Zurich

Download file now

The file can be downloaded with the button below.


Since peaking at 3.5% in August 2022, inflation in Switzerland has fallen sharply and stood at 1.0% in March 2024. This speech discusses how the implementation and transmission of the Swiss National Bank's monetary policy contributed to this substantial decline in inflation. By implementing its policy rate effectively in the secured short-term Swiss franc money market and by ensuring broad transmission to all relevant financial market interest rates and Swiss franc exchange rates, the SNB was able to rapidly dampen inflation in Switzerland. As a complement to its interest rate policy, the SNB sold foreign exchange to counter inflationary pressures from abroad. While interest rate policy is the SNB's main lever for influencing monetary conditions, in a small open economy such as Switzerland, FX intervention has proved to be an effective additional instrument for creating monetary conditions that ensure price stability.

Additional files

Related content


  • Antoine Martin
    Member of the Governing Board

  • Thomas Moser
    Alternate Member of the Governing Board

Your settings

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.
Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB's internal purposes and are kept for two years.
Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB's website) will be activated which collect personal data, process these data, disclose them abroad - worldwide - and place cookies. The relevant data protection regulations are linked in the 'Privacy statement for the website of the Swiss National Bank'.

Choose your preferred settings:

This website uses cookies, analytics tools and other technologies to provide requested features, content and services, to personalise the content shown, to provide links to social media, and to analyse the use of the website in anonymised form for the purposes of improving usability. Personal data are also disclosed abroad - worldwide - to video service providers and the analytics tools of these providers are used. More information is available under 'Manage settings'.