For the past century, the Swiss National Bank's headquarters have sat right next to the parliament building in the capital Bern.
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The offices opened for business in 1912 and are rumoured to hold the country’s gold reserves in their basement. But decisions are taken in Zurich, Switzerland’s main financial centre, where the three-member governing board works at the other headquarters. A recently published book about the bank’s history in Bern provides some glimpses of little-known facts.
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SNB independence put to the test
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When the SNB set a SFr1.20 exchange floor against the euro a year ago the strategy was first met with a chorus of sceptical criticism. Rightwing politicians, led by the Swiss People’s Party, said it was too risky following the losses incurred in previous SNB interventions. The political left and trade unions accused the SNB…
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On September 6, 2011, the central bank imposed a SFr1.20 exchange rate floor against the euro to halt the rapid rise of the franc, which was threatening price stability and exporters. The SNB has recently been forced to buy up vast quantities of euros to defend its policy. One year on from the SNB’s watershed…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.