Which institution has been Switzerland’s central bank since it began operating in 1907?

The Swiss National Bank has been Switzerland’s central bank since it began operating in 1907.

It was created under the Federal Act on the Swiss National Bank of 1905, replacing a fragmented system in which several private banks issued banknotes. The institution received the exclusive right to issue Swiss banknotes and became responsible for Switzerland’s monetary policy.

The Swiss National Bank is unusual because it is a joint-stock company whose shares are held mainly by Swiss cantons and cantonal banks, although it performs a public monetary function. Its headquarters are in Bern and Zurich.

The bank’s best-known policy responsibility is maintaining price stability while considering economic developments. It also manages Switzerland’s currency reserves and supports the stability of the financial system. It is sometimes confused with commercial institutions using “Swiss Bank” in their names, but the Swiss National Bank is the country’s monetary authority.