niveau des taux – English Translation – Keybot Dictionary

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La BNS met en œuvre sa politique monétaire en influant sur le niveau des taux d'intérêt du marché monétaire en francs. Pour ce faire, elle pilote le Libor à trois mois. Les instruments ordinaires et les autres instruments de politique monétaire sont précisés dans les «Directives générales de la BNS sur ses instruments de politique monétaire».
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The SNB conducts its monetary policy by steering the interest rate level in the Swiss franc money market. To this end, it uses the three-month Libor. Both the regular and the other monetary policy instruments are described in the Guidelines of the Swiss National Bank (SNB) on Monetary Policy Instruments
  Banque nationale suisse...  
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Les capacités de production sont alors trop fortement sollicitées, et le niveau des prix augmente. Inversement, si le niveau des taux d’intérêt est trop élevé, la demande globale sera faible, ce qui freinera également les prix des biens et services.
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To secure price stability, the SNB must set appropriate monetary conditions. If interest rates remain too low for an extended period, this will trigger an excess demand for goods and services. There is also a risk of inflated asset prices. Although such factors may boost the economy initially, bottlenecks occur over time and production capacity becomes stretched, causing a rise in the price level. Conversely, an interest rate level which is too high lowers aggregate demand. This has a dampening effect on the prices of goods and services.
  Banque nationale suisse...  
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Lorsque la Banque nationale veut poursuivre une politique monétaire expansionniste en réduisant son taux de référence, le Libor à trois mois pour le franc, elle abaisse le taux des pensions de titres dans ses opérations de politique monétaire. De cette façon, elle influence le niveau des taux d'intérêt sur le marché interbancaire.
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If the SNB wants to pursue a more expansionary monetary policy and reduce its reference interest rate, the three-month Libor for Swiss franc investments, it lowers the repo rate in its monetary policy operations. The SNB thereby influences the interest rate level on the interbank market. Banks' refinancing costs fall, which tends to increase the supply of credit. Should the SNB aim to tighten monetary policy (more restrictive monetary policy) and raise the three-month Libor, it increases the repo rate in its monetary policy operations.
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La Banque nationale met en oeuvre sa politique monétaire en gérant les liquidités sur le marché monétaire en francs et en influençant ainsi le niveau des taux d'intérêt. Elle prend comme référence le Libor à trois mois pour le franc.
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The SNB implements its monetary policy by managing liquidity on the Swiss franc money market and thereby influencing the interest rate level. The three-month Libor for Swiss franc investments serves as its reference interest rate. The SNB steers the three-month Libor indirectly through liquidity-providing and liquidity-absorbing money market transactions. It can influence the three-month Libor by means of the volume and conditions of these operations. The SNB also influences the level of interest rates on the money market by setting the interest rate on sight deposits. The choice of liquidity management regime depends on monetary policy requirements and the liquidity structure in the banking system. If the banking system shows signs of being undersupplied with liquidity, the SNB provides liquidity through short-term money market transactions and thereby increases the banks' sight deposits held at the SNB. Conversely, the SNB absorbs liquidity via short-term money market transactions and thereby reduces the banks' sight deposits at the SNB.
  Banque nationale suisse...  
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La Banque nationale met en oeuvre sa politique monétaire en gérant les liquidités sur le marché monétaire en francs et en influençant ainsi le niveau des taux d'intérêt. Elle prend comme référence le Libor à trois mois pour le franc.
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The SNB implements its monetary policy by managing liquidity on the Swiss franc money market and thereby influencing the interest rate level. The three-month Libor for Swiss franc investments serves as its reference interest rate. The SNB steers the three-month Libor indirectly through liquidity-providing and liquidity-absorbing money market transactions. It can influence the three-month Libor by means of the volume and conditions of these operations. The SNB also influences the level of interest rates on the money market by setting the interest rate on sight deposits. The choice of liquidity management regime depends on monetary policy requirements and the liquidity structure in the banking system. If the banking system shows signs of being undersupplied with liquidity, the SNB provides liquidity through short-term money market transactions and thereby increases the banks' sight deposits held at the SNB. Conversely, the SNB absorbs liquidity via short-term money market transactions and thereby reduces the banks' sight deposits at the SNB.
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L'activité s'est ensuite légèrement redressée sur le marché monétaire gagé, alors qu'elle stagnait sur le marché monétaire en blanc. En 2017, l'activité est demeurée faible sur le marché des pensions de titres en raison du bas niveau des taux d'intérêt à court terme et de l'abondance des liquidités en francs.
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At end-2017, there were no SNB monetary policy repo transactions outstanding. On the secured interbank market of SIX, in the Swiss franc segment, the average outstanding volume in the fourth quarter of 2017 was around CHF 16 billion. The corresponding volume on the unsecured interbank market was estimated as being significantly lower. Already in 2008, during the financial crisis, there was a first shift from the unsecured to the secured money market. Following the massive expansion of liquidity in August 2011, call money turnover in the secured and unsecured Swiss franc money market fell sharply. Activity on the secured money market subsequently recovered slightly, while the unsecured money market stagnated. In 2017, trading activity on the repo market remained minimal, due to low money market rates and high levels of Swiss franc liquidity. The introduction of negative interest by the SNB did, however, lead to a moderate revival of turnover. Institutions whose sight deposits at the SNB were above the relevant exemption threshold reduced their account balances (e.g. via repo transactions), while other institutions which had not yet exhausted their exemption threshold increased their balances.