US dollar auctions conducted by the SNB

The SNB has been able to conduct US dollar repo auctions since December 2007. The operations are carried out in coordination with a number of other central banks. On the basis of a swap arrangement, the US Federal Reserve provides participating central banks with US dollars against their currencies, with the aim of countering undesirable tensions on the financial markets. The SNB’s repo transactions are covered by collateral eligible for SNB repos. While these measures have no effect on the supply of money in Swiss francs, they enable the SNB’s counterparties to gain easier access to US dollar liquidity.

In view of the substantial improvement in conditions on the market for US dollar liquidity, the SNB has decided, in coordination with other central banks, to phase out its US dollar auctions. Auctions for three-month US dollar liquidity were terminated on 30 April 2014. Auctions for seven-day funding will be held until further notice. The standing swap lines among central banks provide a framework for the reintroduction of US dollar liquidity operations if warranted by market conditions.

Instruction sheet for participation

Instruction sheet for participation in the US dollar auctions conducted by the Swiss National Bank
PDF (77 kB)

Instruction sheet on the settlement of payments

Instruction sheet on the settlement of payments arising out of US dollar transactions with the SNB
PDF (41 kB)


  • Announcements of the US dollar auctions
    (90 KB)



  • Results of the Swiss National Bank's US dollar auctions of 29.03.2017
    (452 KB)