The change will go into effect from 1 July 2024. At the same time, the central bank announces that:
"Liabilities arising from cancellable customer deposits (excluding tied pension provision) will in future be included in full in the calculation of the minimum reserve requirement, as is the case with the other relevant liabilities. This revokes the previous exception whereby only 20% of these liabilities counted towards the calculation."
That is a change to the National Bank Ordinance. On the move, the SNB says that "the adjustments will ensure that implementation of monetary policy remains effective and efficient" and that it "will not affect the current monetary policy stance".
