Which institution is Switzerland’s monetary authority responsible for issuing the Swiss franc?

The Swiss National Bank is Switzerland’s monetary authority responsible for issuing the Swiss franc.

It was established in 1907 after Switzerland’s federal constitution assigned the centralised right to issue banknotes to a national institution. Before then, numerous cantonal banks issued notes, creating a fragmented currency system.

The Swiss National Bank conducts monetary policy, manages currency reserves and supports the stability of the financial system. It is headquartered in Bern and Zurich, an unusual arrangement reflecting Switzerland’s federal political structure.

The Swiss National Bank is a public-law company with shares traded on the stock exchange, but it is not simply an ordinary commercial bank. Its special legal structure and public mandate distinguish it from private Swiss banks. The Swiss franc is also used in Liechtenstein through a monetary treaty, another fact often associated with Switzerland’s central-bank role.