Switzerland Interest Rate  2000-2017 | Data | Chart | Calendar | Forecast

The Swiss National Bank held its deposit interest rate at a record low of -0.75 percent on June 15th, 2017 as widely expected, aiming to stabilize the inflation and support growth. Policymakers said that the Swiss franc remains overvalued and that a negative rate and forex interventions are intended to rein the currency. The target range for three-month libor was also left steady between -1.25 percent and -0.25 percent. Interest Rate in Switzerland averaged 0.90 percent from 2000 until 2017, reaching an all time high of 3.50 percent in June of 2000 and a record low of -0.75 percent in January of 2015.

Switzerland Interest Rate
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Calendar GMT Actual Previous Consensus Forecast (i)
2016-12-15 08:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2017-03-16 08:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2017-06-15 07:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2017-09-14 07:30 AM SNB Interest Rate Decison -0.75% -0.75%
2017-09-20 01:00 PM SNB Quarterly Bulletin
2017-12-14 08:30 AM SNB Interest Rate Decison




Switzerland Leaves Monetary Policy Unchanged


The Swiss National Bank held its deposit interest rate at a record low of -0.75 percent on June 15th, 2017 as widely expected, aiming to stabilize the inflation and support growth. Policymakers said that the Swiss franc remains overvalued and that a negative rate and forex interventions are intended to rein the currency. The target range for three-month libor was also left steady between -1.25 percent and -0.25 percent.

SNB press release:

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing pressure on the currency. The Swiss franc is still significantly overvalued.

The new conditional inflation forecast differs little from that of March. The SNB continues to anticipate an inflation rate of 0.3% for the current year. For 2018, the forecast has fallen slightly to 0.3%, from 0.4% in the previous quarter. For 2019, it now expects inflation of 1.0%, compared to 1.1% last quarter. The conditional inflation forecast is based on the assumption that the three-month Libor remains at –0.75% over the entire forecast horizon.

In line with the SNB’s expectations, the global economy has strengthened further. Owing to the economic growth, the labour market situation in advanced economies has improved in recent quarters. Despite positive developments in the real economy, inflation remains modest in most advanced economies. Against this background, monetary policy in Japan and the euro area, in particular, is likely to remain very expansionary. In the US, monetary conditions are expected to gradually normalise.

In its new baseline scenario for the global economy, the SNB anticipates that economic developments will remain favourable. The cautiously optimistic baseline scenario continues to be subject to considerable downside risks; this is due to political uncertainty and structural problems in a number of advanced economies.

According to initial quarterly estimates of the national accounts, positive stimuli from abroad were again only partially transmitted to the Swiss economy in the first quarter of 2017. Although GDP growth firmed somewhat, it still remained subdued at an annualised 1.1%, having already been weak in the second half of 2016. However, available economic indicators point to slightly more robust economic momentum. For 2017, the SNB continues to expect growth of roughly 1.5%. 

In the first quarter, growth in mortgage lending remained constant at a relatively low level, and momentum in residential real estate prices continued at a measured pace. At the same time, owing to developments in fundamentals and the generally subdued activity on the mortgage and residential real estate markets, imbalances have fallen slightly in recent quarters. Nevertheless, they are still just as pronounced as they were in 2014, when the sectoral countercyclical capital buffer was set at 2%. The SNB will continue to monitor developments on these markets closely, and will regularly reassess the need for an adjustment of the countercyclical capital buffer.

SNB | Joana Taborda | joana.taborda@tradingeconomics.com
6/15/2017 7:48:38 AM



Switzerland Money Last Previous Highest Lowest Unit
Interest Rate -0.75 -0.75 3.50 -0.75 percent [+]
Interbank Rate -0.73 -0.73 10.00 -0.96 percent [+]
Money Supply M0 560555.00 561229.00 561229.00 5475.00 CHF Million [+]
Money Supply M1 616216.00 602612.00 616216.00 89321.00 CHF Million [+]
Money Supply M2 967040.00 953592.00 967040.00 198227.00 CHF Million [+]
Money Supply M3 1016962.00 1004741.00 1016962.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 693482.00 694244.10 696647.30 42137.60 CHF Million [+]
Banks Balance Sheet 1983522.74 1977824.25 1983522.74 595832.00 CHF Million [+]
Loans to Private Sector 1371924.00 1368060.00 1371924.00 348012.00 CHF Million [+]
Deposit Interest Rate -0.18 0.02 8.75 -0.18 percent [+]
Central Bank Balance Sheet 779664.43 782862.52 782862.52 68322.20 CHF Million [+]
Private Debt to GDP 211.00 208.79 227.01 184.74 percent [+]


Switzerland Interest Rate Notes

In Switzerland, interest rates decisions are taken by the Swiss National Bank. The official interest rate is the three-month Swiss franc Libor. The SNB regulates the three-month Libor indirectly through its main financing and liquidity-absorbing operations, which comprise short-term repo transactions. This page provides - Switzerland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Switzerland Interest Rate - actual data, historical chart and calendar of releases - was last updated on July of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
-0.75 -0.75 3.50 -0.75 2000 - 2017 percent Daily



interest rate by Country

Last
Brazil 10.25 Jun/17
Russia 9.00 Jun/17
Turkey 8.00 Jun/17
Mexico 7.00 Jun/17
India 6.25 Jun/17
Indonesia 4.75 Jun/17
China 4.35 Jun/17
Australia 1.50 Jul/17
South Korea 1.25 Jul/17
United States 1.25 Jun/17
Canada 0.75 Jul/17
United Kingdom 0.25 Jun/17
Euro Area 0.00 Jul/17
France 0.00 Jul/17
Germany 0.00 Jul/17
Italy 0.00 Jul/17
Netherlands 0.00 Jul/17
Spain 0.00 Jul/17
Japan -0.10 Jul/17
Switzerland -0.75 Jun/17