Legend
- High Impact Expected
- Med Impact Expected
- Low Impact Expected
- Non-Economic
Revision
- Green NumberBetter than forecast -or- revised better
- Red NumberWorse than forecast -or- revised worse
- m/mMonth Over Month
- q/qQuarter Over Quarter
- y/yYear Over Year
- K Thousand
- M Million
- B Billion
- T Trillion
SZ SNB Policy Rate
It's an important driver of commodity demand - lower interest rates decrease carrying costs. Reduced costs to store goods will spur companies to make investments in raw materials, leading to higher inventory levels;
This rate is the SNB's main operating target. The decision is usually priced into the market, so it tends to be overshadowed by the Monetary Policy Assessment, which is focused on the future. Source first released in Jun 2019;
- SZ SNB Policy Rate Graph
- History
| Expected Impact / Date | Actual | Forecast | Previous |
|---|---|---|---|
| Jun 18, 2026 | 0.00% | 0.00% | 0.00% |
| Mar 19, 2026 | 0.00% | 0.00% | 0.00% |
| Dec 11, 2025 | 0.00% | 0.00% | 0.00% |
| Sep 25, 2025 | 0.00% | 0.00% | 0.00% |
| Jun 19, 2025 | 0.00% | 0.00% | 0.25% |
| Mar 20, 2025 | 0.25% | 0.25% | 0.50% |
| Dec 12, 2024 | 0.50% | 0.75% | 1.00% |
| Sep 26, 2024 | 1.00% | 1.00% | 1.25% |
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- SZ SNB Policy Rate News
From cnbc.com|Jun 18, 2026The Swiss National Bank said on Thursday it is ready to intervene in foreign exchange markets if a rebound in demand for the safe-haven franc drives the currency higher. It came as the central bank left its main policy rate unchanged at 0%, in a move widely expected by markets, keeping borrowing costs well below those seen in other major economies. In a statement, Martin Schlegel, chairman of the SNB’s Governing Board, said the outbreak of the Middle East conflict on Feb. 28 initially heaped upward pressure on the Swiss franc, as ...
From think.ing.com|Jun 18, 2026At its June meeting, the SNB struck a relaxed tone on inflation. After rising from 0.1% in February to 0.6% in May, inflation in Switzerland remains comfortably within the SNB’s target range of 0–2%. Energy prices have of course increased in Switzerland, as elsewhere (+17.7% year-on-year for petroleum products). However, the strength of the Swiss franc continues to exert significant disinflationary pressure. Imported goods, which account for around 22% of the consumer price index, rose by only 0.7% YoY in May. This marks a shift from ...
From snb.ch|Jun 18, 2026|18 commentsThe Swiss National Bank is leaving the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. If necessary, the SNB has an increased willingness to intervene in the foreign exchange market. The SNB thereby counters a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Inflation has risen in recent months as a result of higher energy prices. Medium-term inflationary pressure, however, is virtually unchanged compared with the last monetary policy assessment. The SNB's monetary policy is appropriate to keep inflation within the range consistent with price stability and it supports economic development. The SNB will continue to monitor the situation and adjust its monetary policy if necessary, in order to ensure price stability. As expected, inflation has risen since the last monetary policy assessment, from 0.1% in February to 0.6% in May. This increase was mainly attributable to higher prices for oil products. The other goods and services made little contribution to the rise in inflation. According to th * #SNB LEAVES POLICY RATE AT 0%; EST. 0% - BBG *SNB SAYS PREPARED TO INTERVENE IN CURRENCY MARKETS IF NEEDED *SNB HAS AN INCREASED WILLINGNESS TO INTERVENE IN FX MARKETS *SNB SEES 2026 GDP GROWTH ABOUT 1% *SNB SEES 2027 GDP GROWTH ABOUT 1.5% *SNB SEES 2026 INFLATION AT 0.6%;…
From @LiveSquawk|Mar 19, 2026|5 commentsSNB Chairman Schlegel: Sees Increased Likelihood For Negative Rates Just in | SNB Chairman Schlegel announces heightened readiness to intervene in forex markets to curb swift appreciation of the Swiss Franc. SNB's Chairman Schlegel: Our mandate is clear, it is price stability - to achieve this, we have forex interventions and interest rate, and are ready to use both tools
- From snb.ch|Mar 19, 2026
We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. Given the conflict in the Middle East, our willingness to intervene in the foreign exchange market has increased. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Our conditional inflation ...
From snb.ch|Mar 19, 2026|1 commentThe Swiss National Bank is leaving the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. Given the conflict in the Middle East, the SNB's willingness to intervene in the foreign exchange market has increased. The SNB thereby counters a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. The conditional inflation forecast for the coming quarters is higher than in December due to the rise in energy prices. Medium-term inflationary pressure, however, has remained virtually unchanged since the last monetary policy assessment. The monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. The SNB will continue to monitor the situation closely and adjust its monetary policy if necessary, in order to ensure price stability over the medium term. As expected, inflation has risen slightly since the last monetary policy assessment, from 0.0% in November to 0.1% in February. This increase was driven in particular by higher goods inflation. With the rise in energy p SNB: HAS ELEVATED READINESS TO INTERVENE IN CURRENCY MARKETS IF NEEDED
From finance.yahoo.com|Mar 17, 2026|1 commentThe war in Iran has thrust the world's major central banks into a familiar — and deeply uncomfortable — position. Just as inflation pressures were easing and policymakers were preparing to move toward rate cuts, a surge in energy prices driven by disruptions in the Middle East is complicating the global outlook. The result is a worsening policy dilemma: rising inflation risks on one side, and slowing economic growth on the other. That trade-off will be in focus this week as the Federal Reserve, the European Central Bank, and the Bank ...
From ca.finance.yahoo.com|Dec 11, 2025|1 commentCentral banks in big economies are signaling a change of stance, with many now on hold after a long easing cycle, and policymakers flagging that their next moves, in time, could be rate hikes. The U.S. Federal Reserve is something of an outlier. It cut rates this week, and markets still see more easing next year, but the Fed expects one further rate cut, so it too could be nearing the end. Here's where central banks in 10 developed markets stand. Switzerland: The Swiss National Bank left its policy interest rate unchanged at 0% on ...
| Released on Jun 18, 2026 |
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| Released on Mar 19, 2026 |
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| Released on Dec 11, 2025 |
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