The Swiss National Bank held its policy rate at -0.75 percent and the interest rate it charges on overnight deposits it holds for commercial banks at -0.75 percent during its March meeting, saying the Swiss franc remains highly valued, despite the recent weakening, and the coronavirus pandemic continues to have a strong adverse effect on the economy. Policymakers noted that the recovery is likely to regain momentum from the second quarter, helped by the expected progress with vaccination programmes, alongside the monetary and fiscal policy measures introduced worldwide. Looking forward, the SNB continues to expect GDP growth of 2.5 percent to 3 percent for 2021, as the containment measures in Switzerland will be eased further in the coming months, while inflation forecasts for 2021 and 2022 were revised higher, due to the rise in oil prices and the weaker Swiss franc. The forecast now stands at 0.2 percent for 2021, 0.4 percent for 2022 and 0.5 percent for 2023. source: Swiss National Bank

Interest Rate in Switzerland averaged 0.62 percent from 2000 until 2021, 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. This page provides - Switzerland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Switzerland Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.

Interest Rate in Switzerland is expected to be -0.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Switzerland to stand at -0.75 in 12 months time. In the long-term, the Switzerland Interest Rate is projected to trend around -0.75 percent in 2022, according to our econometric models.

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Switzerland Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.75 -0.75 3.50 -0.75 2000 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-06-18 07:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2020-09-24 07:30 AM SNB Interest Rate Decision -0.75% -0.75% -0.75% -0.75%
2020-12-17 08:30 AM SNB Interest Rate Decision -0.75% -0.75% -0.75% -0.75%
2021-03-25 08:30 AM SNB Interest Rate Decision -0.75% -0.75% -0.75% -0.75%
2021-06-17 07:30 AM SNB Interest Rate Decision -0.75% -0.75%
2021-06-17 08:30 AM SNB Press Conference
2021-09-23 07:30 AM SNB Interest Rate Decision -0.75%
2021-12-16 08:30 AM SNB Interest Rate Decision -0.75%


News Stream
SNB Maintains Expansionary Monetary Policy
The Swiss National Bank held its policy rate at -0.75 percent and the interest rate it charges on overnight deposits it holds for commercial banks at -0.75 percent during its March meeting, saying the Swiss franc remains highly valued, despite the recent weakening, and the coronavirus pandemic continues to have a strong adverse effect on the economy. Policymakers noted that the recovery is likely to regain momentum from the second quarter, helped by the expected progress with vaccination programmes, alongside the monetary and fiscal policy measures introduced worldwide. Looking forward, the SNB continues to expect GDP growth of 2.5 percent to 3 percent for 2021, as the containment measures in Switzerland will be eased further in the coming months, while inflation forecasts for 2021 and 2022 were revised higher, due to the rise in oil prices and the weaker Swiss franc. The forecast now stands at 0.2 percent for 2021, 0.4 percent for 2022 and 0.5 percent for 2023.
2021-03-25
SNB Pledges to Intervene Strongly in FX Market
The Swiss National Bank held its policy rate at -0.75 percent and the interest rate it charges on overnight deposits it holds for commercial banks at -0.75 percent during its December meeting, saying it is maintaining its expansionary monetary policy with a view to stabilizing economic activity and price developments. The central bank also pledged to intervene more strongly in the foreign exchange market due to the highly valued Swiss franc, a day after the Trump administration labelled Switzerland a currency manipulator. Policymakers noted that interest rates will probably remain at current levels until at least 2022, saying that the inflation rate is set to average -0.7 percent this year (vs -0.6 percent projected in September) and 0.0 percent in 2021 (vs 0.1 percent projected in September), before getting back into positive territory in 2022 (0.2 percent).
2020-12-17
SNB Holds Policy Rate at -0.75%
The Swiss National Bank kept its policy rate at -0.75 percent and the interest rate it charges on overnight deposits it holds for commercial banks at -0.75 percent during its September meeting, aiming to cushion the negative impact of the pandemic on economic activity and inflation. The central bank also said it is willing to intervene more strongly in the foreign exchange market as the Swiss franc remains highly valued. Policymakers noted that interest rates will probably remain at current levels until at least 2022, saying that the inflation rate is set to average -0.6 percent this year, before getting back into positive territory in 2021 (0.1 percent) and increasing slightly further in 2022 (0.2 percent).
2020-09-24
SNB Holds Interest Rates as Expected
The Swiss National Bank kept its policy rate at -0.75 percent and the interest rate it charges on overnight deposits it holds for commercial banks at -0.75 percent during its June meeting, in line with market expectations. Policymakers added that in the light of the highly valued Swiss franc, the bank is willing to intervene more strongly in the foreign exchange market. At the same time, policymakers slashed its inflation forecast, due to the significantly weaker growth prospects and lower oil prices. This year the inflation rate will stay at -0.7%, in 2021 at -0.2% only returning to positive territory in 2022 (0.2%).
2020-06-18

Switzerland Interest Rate
In Switzerland, interest rate decisions are taken by the Swiss National Bank. The official interest rate is the SNB policy rate. The SNB seeks to keep the secured short-term Swiss franc money market rates close to the SNB policy rate. SARON is the most representative of these rates today. As of 13 June 2019, the SNB policy rate replaced the target range for the three-month Swiss franc Libor (London Interbank Offered Rate) previously used in the SNB's monetary policy strategy. The reason for this adjustment was that the Libor was becoming less relevant as the most important reference rate owing to the absence of the underlying money market transactions. From 6 September 2011 to 15 January 2015, the main focus of implementation was on the minimum exchange rate of CHF 1.20 per euro, which the SNB enforced during this period. On 18 December 2014, the SNB decided to impose an interest rate of -0.25% on sight deposit account balances. With the announcement of a negative interest rate, the Libor target range used then was taken into negative territory for the first time, and extended to its usual width of 1 percentage point. On 15 January 2015, the SNB lowered the interest rate on sight deposits to -0.75% and moved the target range downwards to between -1.25% and -0.25%. Negative interest has applied since 22 January 2015 and currently corresponds to the SNB policy rate.