The Swiss National Bank (SNB) operates as an independent central bank of Switzerland. The bank implements monetary policy to ensure price stability and economic development of the country. Additionally, SNB manages the currency reserves, participates in international monetary cooperation, acts as banker to the Confederation and compiles statistical data on banks and financial markets, the balance of payments, direct investment, international investment position and the Swiss financial accounts. SNB also involves itself in the Swiss Interbank Clearing (SIC) payment system. Established in 1907, The Swiss National Bank is headquartered in Zurich, Switzerland.