Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Switzerland 01 01 - Liquidity Support CHF/CHE/CHW 100,060,841,905 104,507,122,306
Switzerland 01A 01A - Short-term lending CHF/CHE/CHW 550,000,000 574,439,673 Federal Council. https://www.efd.admin.ch/efd/en/home/dokumentation/nsb-news_list.msg-id-79696.html (accessed 02 July 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 9 May 2020); Swiss National Bank. https://www.snb.ch/en/mmr/reference/pre_20200325/source/pre_20200325.en.pdf (accessed 19 Apri 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 14 May 2020).

(i) March 25, The SNB introduced the new SNB COVID-19 refinancing facility (CRF), aimed at strengthening the supply of credit to the Swiss economy by providing the banking system with additional liquidity; (ii) July 1, Federal Council decided to support the Swiss Federal Railways (SBB) to bridge an acute liquidity shortfall with additional CHF550 million in the form of a loan of up to one year at market interest rates.

Switzerland 01B 01B - Support policies for short-term lending CHF/CHE/CHW Swiss National Bank. https://www.snb.ch/en/mmr/reference/repo_rund_20200629/source/repo_rund_20200629.en.pdf (accessed 02 July 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 14 May 2020)

(i) May 11, SNB COVID-19 refinancing facility expanded to include cantonal loan guarantees as well as joint and several loan guarantees for startups;

Switzerland 01C 01C - Forex operations CHF/CHE/CHW 99,510,841,905 103,932,682,633 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020; 9 May 2020; 14 May 2020); Swiss National Bank. https://www.snb.ch/en/mmr/reference/snb_usd_repo_results_20200417/source/snb_usd_repo_results_20200417.en.pdf (accessed 19 Apri 2020).

(i) March 18 to April 17, USD liquidity injected via auctions totaled USD25.6 billion. The Swiss National Bank (SNB) offered a new 84-day maturity and increased the frequency of the 7-day maturity operations from weekly to daily; (ii) The SNB has increased its interventions in the FX market to limit appreciation of the Swiss franc. (iii) Sight deposits held at the SNB have increased by around CHF48 billion (or 6.9 percent of 2019 GDP) since early February, a proxy for the amount of Swiss franc liquidity injected through both FX interventions and the Covid-19 refinancing facility; (iv) As of May 7, sight deposits held at the SNB have increased by around CHF75 billion since early February to limit appreciation of the Swiss franc.

Switzerland 02 02 - Credit creation CHF/CHE/CHW 42,652,000,000 44,547,274,396
Switzerland 02A 02A - Financial sector lending/funding CHF/CHE/CHW
Switzerland 02B 02B - Support policies for long-term lending CHF/CHE/CHW IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020); Federal Department of Finance. https://www.efd.admin.ch/efd/en/home/dokumentation/nsb-news_list.msg-id-78604.html (accessed 19 April 2020).

No amount/estimate: (i) March 19, The SNB announced that starting April 1 the threshold factor for exempting sight deposits from negative interest rates would be raised from 25 to 30; (ii) March 27, the SNB request for deactivation of the countercyclical capital buffer was approved by the Federal Council; (iii) On the supervisory front, the Swiss Financial Market Supervisory Authority (FINMA) introduced a temporary exclusion of deposits held at the central bank from the calculation of banks’ leverage ratio. FINMA emphasized that the capital released from this relaxation should be used to support liquidity provision and is not to be distributed as dividends or other similar distributions related to 2019; (ii) No amount/estimate: June 29, adjusted the calculation of the special rate for COVID-19 refinancing facility (CRF) as of July 1 2020, the lower limit for the special rate will be reduced to 0% from 0.5%.

Switzerland 02C 02C - Loan guarantees CHF/CHE/CHW 42,652,000,000 44,547,274,396 Federal Council. https://www.efd.admin.ch/efd/en/home/dokumentation/nsb-news_list.msg-id-79695.html (accesssed 02 July 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020, 25 June 2020); Federal Department of Finance. https://www.efd.admin.ch/efd/de/home/dokumentation/nsb-news_list.msg-id-78872.html (accessed 2 May 2020). Federal Council. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-78944.html (accessed 29 April 2020).

(i) March 13, CHF580 million for loan guarantees to SMEs; (ii) March 20, A guarantee program up to CHF20 billion to support bridging loans to SMEs; (iii) April 3, The Federal Council announced doubling the size of the loan guarantee program from CHF20 billion to CHF40 billion; (iv) April 22, Extended the SME loan guarantee program to include start-ups. The new procedure for startups will begin by April 30, 2020. The federal government can guarantee up to 65% of the loan, and the rest can be covered by cantons. In total, the Confederation can guarantee up to CHF 100 million, and together with the cantons, loans of up to CHF 154 million can be guaranteed. Therefore, the total amount guaranteed has gone up to 100 million; (v) April 29, the FC announced CHF1.9 billion credit guarantee support to airlines and aviation-related businesses to help it through the liquidity crisis; (vi) As of mid-June, the take-up of bridge loans under the federal guarantee program is lower than budgeted; (vii) July 1, FC granted SR Technics Switzerland AG a deficiency guarantee of 60% on a bank loan of CHF 120 million in order to bridge a liquidity shortage. The remaining 40% of the credit risk is assumed by the banks.

Switzerland 03 03 - Direct long-term lending CHF/CHE/CHW
Switzerland 03A 03A - Long-term lending CHF/CHE/CHW
Switzerland 03B 03B - Forbearance CHF/CHE/CHW IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020).

March 18, To address liquidity bottlenecks, the Federal Council ordered a debt enforcement standstill from March 19 to April 4.

Switzerland 04 04 - Equity support CHF/CHE/CHW
Switzerland 05 05 - Health and income support CHF/CHE/CHW 53,572,800,000 55,953,348,536
Switzerland 05A 05A - Health support CHF/CHE/CHW 588,500,000 614,650,450 Federal Council. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-79584.html (accessed 29 June 2020). Federal Council. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-80005.html (accessed 11 July 2020). Federal Council. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-80051.html (accessed 15 August 2020).

(i) No amount/estimate: June 24, Federal government will assume the cost of testing for COVID-19 and eliminates the retention fee for patients; (ii) July 8, CHF300 million for procurement of 4.5 million doses of vaccine from Moderna; (iii) August 12, CHF288.5 million government will assume all costs of COVID-19 testing.

Switzerland 05B 05B - Income support CHF/CHE/CHW 52,984,300,000 55,338,698,086 Federal Deparment of Economic Affairs. https://www.wbf.admin.ch/wbf/de/home/dokumentation/nsb-news_list.msg-id-79716.html (accessed 02 July 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020, 06 June 2020); State Secretariat for Economic Affairs. https://www.seco.admin.ch/seco/de/home/seco/nsb-news.msg-id-78573.html (accessed 19 April 2020); Federal Council. https://www.efd.admin.ch/efd/de/home/dokumentation/nsb-news_list.msg-id-78813.html (accessed 19 April 2020); Federal Council. https://www.efd.admin.ch/efd/de/home/dokumentation/nsb-news_list.msg-id-79056.html (accessed 14 May 2020). WBF. https://www.wbf.admin.ch/wbf/de/home/dokumentation/nsb-news_list.msg-id-79188.html (accessed 21 May 2020). MENAFN. https://menafn.com/1100273248/Switzerland-Parliament-approves-extra-CHF149-billion-for-Covid-relief (accessed 12 June 2020). Federal Council. https://www.wbf.admin.ch/wbf/de/home/dokumentation/nsb-news_list.msg-id-80053.html (accessed 13 August 2020). Federal Council. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-80051.html (accessed 15 August 2020).

(i) March 13, up to CHF8 billion for partial unemployment compensation; (ii) March 13, CHF1 billion for financial aid to particularly affected firms; (iii) March 13, CHF0.42 billion compensation for cancelled events; (iv) March 20, CHF12 billion for (a) temporary, interest-free deferral of social-security contribution payments; (b) extended payment periods for taxes and payables to federal suppliers; (c) extension of short-time work allowance; and (d) compensation for loss of earnings; (v) March 25, The Federal Council announced a set of additional measures to support the economy, which are estimated to cost around CHF600 million per month in unemployment insurance; vi) April 16, Extension of the right to corona-replacement earnings to the self-employed (CHF1.3 billion over a two-month period). Parents with special-needs children may receive benefits until the child reaches 20 years of age (CHF33 million over a six-month period); (vii) April 22, the FC extended the loss compensation for the self-employed to May 16 even if they had reopened their business on an earlier date; (viii) May 8, Support worth CHF65 million for childcare institutions that have lost earnings due to the coronavirus pandemic; (ix) May 20, CHF75 million financial support to the private institutions of family-supplementary childcare for childcare contributions from parents; (x) May 20, CHF20 million support for the wine industry; (xi) May 20, CHF14.2 billion additional unemployment insurance funding; (xii) June 4, CHF14.9 billion agreed by parliament, most will go towards unemployment insurance which finances short-time work compensation; (xiii) No amount/estimate: As of mid-June, assistance to self-employed has been lower than budgeted; (xiv) No amount/estimate: July 1, extended the maximum period for receiving short-time work compensation from twelve months to eighteen months; companies can continue to receive government support for short-time work compensation (KAE) effective September 1, 2020 until December 31, 2021; (xv) No amount/estimate: August 12, amended and extended the COVID-19 regulation on unemployment insurance; (xvi) August 12, CHF221.3 increase in the railway infrastructure fund; (xvii) August 12, CHF150 million financial stabilization of Skyguide (air navigation service provider). .

Switzerland 06 06 - Budget reallocation CHF/CHE/CHW
Switzerland 07 07 - Central bank financing government CHF/CHE/CHW
Switzerland 07A 07A - Direct lending and reserve drawdown CHF/CHE/CHW
Switzerland 07B 07B - Secondary purchase: government securities CHF/CHE/CHW
Switzerland 08 08 - International Assistance Received CHF/CHE/CHW 10,914,984,286 11,400,000,000
Switzerland 08A 08A - Swaps CHF/CHE/CHW 10,914,984,286 11,400,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020); Federal Reserve Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 18 May 2020).

The SNB activated the unlimited U.S. dollar liquidity swap line with the Federal Reserve. Amount outstanding as of as of June 11: USD10.83 billion. Peak outstanding amount of USD11.4 billion in April 20.

Switzerland 08B 08B - International loans/grants CHF/CHE/CHW
Switzerland 08B1 08B1 - Asian Development Bank CHF/CHE/CHW
Switzerland 08B2 08B2 - Other CHF/CHE/CHW
Switzerland 09 09 - International Assistance Provided CHF/CHE/CHW 9,309,351,129 9,723,019,300
Switzerland 09A 09A - Swaps CHF/CHE/CHW
Switzerland 09B 09B - International loans/grants CHF/CHE/CHW 9,309,351,129 9,723,019,300 United Nations MPTF. http://mptf.undp.org/factsheet/fund/COV00 (accessed 28 May 2020). Federal Council. https://www.efd.admin.ch/efd/de/home/dokumentation/nsb-news_list.msg-id-79512.html (accessed June 25 2020). Federal Council. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-79512.html (accessed 29 June 2020). Federal Council. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-79668.html (accessed 04 July 2020).

(i) As of June 12, USD8.2million committed to the United Nations (UN) COVID-19 Response and Recovery Multi-Partner Trust Fund (COVID-19 MPTF); (ii) June 19, CHF8.5 billion Federal Council decide to make contributions to IMF which are for (a) securing the regular funds of the IMF, (b) supporting lower-income countries to deal with the COVID-19 Pandemic, and (c) relieving Somalian debt; (iii) June 19, Federal Council guaranteed the Swiss National Bank's recent credit line to the IMF's Poverty Reduction and Growth Trust (PRGT) up to CHF 800 million; (iv) CHF1.5 million start-up funding to support the production of low-cost ventilators for developing economies through the Swiss Agency for Development and Cooperation.

Switzerland 10 10 - No breakdown CHF/CHE/CHW
Switzerland 11 11 - Other Economic Measures CHF/CHE/CHW OECD. http://www.oecd.org/coronavirus/en/ (accessed 13 April 2020). Federal Council. https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-78872.html (accessed 28 May 2020).

(i) On April 3rd the Federal Council announced the coordination of the supply of important medical products; (ii) The Federal Council mentioned the possibility of restricting exports of important medical products and the possibility to impose the production of some of these medical goods; (iii) May 20, the Federal Council dealt with the gradual phase-out of some COVID measures.

Switzerland 12 12 - Non-Economic Measures CHF/CHE/CHW OECD. http://www.oecd.org/coronavirus/en/ (accessed 13 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020, 14 May 2020, 25 June 2020).

(i) Gatherings in public spaces of more than five people are prohibited; (ii) The Federal Council has banned public and private events; (iii) Classroom teaching is banned at schools, universities and other training and educational institutions. The ban will apply until 19 April 2020; (iv) People from high-risk countries and areas will be refused entry into Switzerland; (v) On March 16, the government declared a ban on all private and public events and closing bars, restaurants, sports and cultural spaces; (vi) While protective and relief measures continue to be rolled out or amended, the authorities also announced a plan to gradually reopen the economy starting from the week of April 27; (vii) June 15, Covid-19 related entry restrictions were lifted for all EU/EFTA states and the United Kingdom.