Switzerland
14,081 businesses and
individuals in Switzerland filed for
bankruptcy in 2021,
according to the Swiss Statistical
Office, marking a 9.1 per cent
increase compared with 2020. The northern
canton of Aargau recorded
the highest year-on-year
increase of 24.6 per cent. The
significant increase coincided with the withdrawal of state-backed
financial support during the COVID-19 pandemic.
Whilst debt collections in the country
also increased, the increase was
slight and collections remained within the
average range of the past five
years.
On 16 June 2022, Switzerland's
central bank raised interest rates for the first time
in 15 years. This marks
a
shift in Switzerland's monetary policy. The Swiss
National Bank (“SNB”) of Switzerland
said its benchmark rate would rise
by 50 basis
points from minus 0.75 per
cent to 0.25 per cent.
Following this decision, the Swiss franc surged to its strongest
level in nearly two years. This tighter
