What is the name of Switzerland’s central bank, founded in 1907?

The Swiss National Bank is Switzerland’s central bank, founded in 1907.

The bank began operations on June 20, 1907, after the Federal Assembly created a central institution with responsibility for issuing banknotes and conducting monetary policy. Before then, numerous Swiss banks could issue notes, producing a fragmented currency system. The new institution centralized note issuance and helped unify monetary management.

The Swiss National Bank is a special corporation under federal law. It is responsible for monetary policy, contributes to financial stability, manages currency reserves, and supplies the Swiss economy with banknotes and coins. Its legal structure includes public shareholders as well as private shareholders, an unusual feature among major central banks.

Switzerland’s currency is the Swiss franc, not the euro, although Switzerland is geographically surrounded by countries using the euro. The Bank for International Settlements is also headquartered in Basel, but it is an international financial institution rather than Switzerland’s national central bank. The SNB has offices in Bern and Zurich.