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- The Swiss National Bank (SNB) is tightening minimum reserve requirements for Swiss banks.
- Specifically, he announced that he would increase the minimum reserve requirement from 2.5% to 4%.
The Swiss Central Bank announced that in the future, liabilities from fully callable customer deposits will be included in the calculation of minimum reserve requirements. This means that the previously applied exception, under which only 20 percent of these liabilities were taken into account when calculating, will be abolished. To implement this change, the Swiss National Bank will amend the National Bank Act on 1 July 2024.
Adjusting the minimum reserve ratio will ensure that monetary policy continues to be implemented effectively, according to the Swiss National Bank. Since demand deposits with banks, which are held to meet minimum reserve requirements, do not earn interest, the national bank's interest expenses decrease. The amendments did not affect the current monetary policy position.
Last year, the Swiss National Bank incurred a loss on its franc positions worth 8.5 billion francs, a large portion of which (7.4 billion) came from interest on banks' current account balances.
awp/spic; Stahl
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