The rate on deposits at the Swiss National Bank (SNB) is currently -0.75%. And while taking the rate further into negative territory is not the base case scenario, it cannot be excluded, according to some economists at the bank UBS. The probability that the SNB lowers rates further is not a base scenario, according to […]
Swiss consumer sentiment at historic low, according to government survey
Consumer sentiment in Switzerland in April 2020 reached a historic low. The coronavirus has dampened expectations for general economic development and employment and the population is bracing itself for tough financial times, according to the survey. Swiss consumer sentiment fell from −9 points in January 2020 to −39 points in April 2020, a level well […]
Unemployment up sharply in April in Switzerland
The unemployment rate in Switzerland rose to 3.3% in April 2020, up from 2.9% the month before, a rise of nearly 14%. By 30 April 2020, there were 153,413 people registered as unemployed at Switzerland’s regional placement offices. Young workers were the hardest hit. Unemployment among those aged 15 to 24 rose by 18.1% compared […]
Coop and Migros: customers required to queue
Coop and Migros, Switzerland’s two largest supermarkets have decided to limit the number of people entering their stores, creating queues outside, according to RTS. To reduce the spread of Covid-19, shopper density has been reduced to one person per 10 m2, which drastically reduces the number of people allowed inside simultaneously. In addition, shopping in […]
Swiss National Bank to distribute 4 billion francs of profit
In 2019, the Swiss National Bank (SNB) made a profit of around CHF 49 billion. These profits came mainly from the rising value of the assets on the bank’s balance sheet. In 2019, the value of its holdings of foreign currency and gold rose substantially. When combined with interest, dividend income and gains on shares […]
Potential relief for some Swiss renters
Every three months the rate of interest used to benchmark Swiss rents is reviewed. If it goes down some renters have the right to request a decrease in rent. This time the reference rate fell from 1.50% to 1.25%. The last time it dropped was 2 June 2017 when it fell to 1.5%. The rate […]
Close to one fifth of households in Switzerland behind on debt payments
In 2017, 18.9% of Switzerland’s population lived in a household with outstanding debt repayments, a percentage that has rose from 17.7% over the proceeding 4 years. The most common forms of outstanding debts were taxes, health insurance premiums and phone bills. 9.9% of households had outstanding tax payments, 7.3% owed health insurance money and 5.2% […]
The labels that show how much more international retailers charge Swiss
To simplify labelling, many international retailers put recommended retail prices (RRP) for multiple nations on the same label, like the one below. Labels such as these show how much more Swiss customers are being charged compared to customers in other countries. The label above, from an item of clothing sold in Switzerland, shows how much […]
Geneva looks at sugar tax but excludes one of the worst products
A commission for the canton of Geneva’s government supports a tax on added sugar to fight obesity, according to the newspaper Le Temps. Bertrand Buchs and Delphine Bachmann, two elected officials active in the medical sector, are behind the initiative. The text required to implement the tax, which takes aim at added sugar, is likely […]
Portugal set to end tax holidays for foreign residents
Recently, the government of Portugal said it was looking at introducing a tax on foreigners residing in the country on special tax holidays, according to the magazine Bilan. Currently, foreigners moving to Portugal who spend at least 180 days a year in the country pay no income tax for a period of 10 years under […]
