Switzerland Interest Rate  2000-2018 | Data | Chart | Calendar | Forecast

The Swiss National Bank held its benchmark interest rate at -0.75% on March 15th, 2018, with the aim of stabilising price developments and supporting economic activity. Policymakers reiterated that the negative interest rate and the SNB's willingness to intervene in the foreign exchange market as necessary remains essential to ease pressure on the Swiss franc. Also, the bank cut its 2018 inflation forecast to 0.6 percent from 0.7 percent previously estimated. For 2019, the SNB now expects inflation of 0.9 percent, compared to 1.1 percent last quarter. Interest Rate in Switzerland averaged 0.84 percent from 2000 until 2018, 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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SNB Holds Rates, Cuts Inflation Forecasts


The Swiss National Bank held its benchmark interest rate at -0.75% on March 15th, 2018, with the aim of stabilising price developments and supporting economic activity. Policymakers reiterated that the negative interest rate and the SNB's willingness to intervene in the foreign exchange market as necessary remains essential to ease pressure on the Swiss franc.

The SNB also kept its target range for the three-month LIBOR at -1.25 to -0.25 percent.

Excerpts from the SNB press release:

Since the last monetary policy assessment in December, the Swiss franc has appreciated slightly overall on the back of the weaker US dollar. The Swiss franc remains highly valued. The situation in the foreign exchange market is still fragile and monetary conditions may change rapidly. The negative interest rate and the SNB's willingness to intervene in the foreign exchange market as necessary therefore remain essential. This keeps the attractiveness of Swiss franc investments low and eases pressure on the currency.

The SNB's conditional inflation forecast has shifted slightly downwards as a result of the somewhat stronger Swiss franc. The forecast for the current year has decreased marginally to 0.6%, from 0.7% in the previous quarter. For 2019, the SNB now expects inflation of 0.9%, compared to 1.1% last quarter. For 2020, it anticipates an inflation rate of 1.9%. The conditional inflation forecast is based on the assumption that the three-month Libor remains at –0.75% over the entire forecast horizon.

The international economic environment is currently favourable. In the fourth quarter of 2017, the global economy continued to exhibit solid, broad-based growth. International trade remained dynamic. Employment registered a further increase in the advanced economies, which is also bolstering domestic demand.

The SNB expects global economic growth to remain above potential in the coming quarters. Given the robust economic situation, the US Federal Reserve plans to continue its gradual normalisation of monetary policy. In the euro area and Japan, by contrast, monetary policy is likely to remain highly expansionary.

In Switzerland, GDP grew in the fourth quarter at an annualised 2.4%. This growth was again primarily driven by manufacturing, but most other industries also made a positive contribution. In the wake of this development, capacity utilisation in the economy as a whole improved further. The unemployment rate declined again slightly through to February. The SNB continues to expect GDP growth of around 2% for 2018 and a further gradual decrease in unemployment.


SNB | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/15/2018 8:56:00 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-09-14 07:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2017-12-14 08:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2018-03-15 08:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2018-06-21 07:30 AM SNB Interest Rate Decison -0.75% -0.75%
2018-09-20 07:30 AM SNB Interest Rate Decison -0.75%
2018-12-13 08:30 AM SNB Interest Rate Decison -0.75%


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 545915.00 541287.00 561229.00 5475.00 CHF Million [+]
Money Supply M1 642743.00 639628.00 642743.00 89321.00 CHF Million [+]
Money Supply M2 989135.00 986032.00 989135.00 198227.00 CHF Million [+]
Money Supply M3 1038387.00 1036941.00 1038387.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 737806.00 732257.00 744191.10 42137.60 CHF Million [+]
Banks Balance Sheet 1997636.35 1977058.45 1997636.35 595832.00 CHF Million [+]
Loans to Private Sector 1402946.00 1402820.00 1402946.00 348012.00 CHF Million [+]
Deposit Interest Rate -0.32 -0.30 9.75 -0.34 percent [+]
Private Debt to GDP 239.26 228.46 239.26 182.56 percent [+]
Central Bank Balance Sheet 819898.18 811770.33 843306.37 68322.20 CHF Million [+]


Switzerland Interest Rate

The SNB implements its monetary policy by fixing a target range for the reference interest rate, the Libor (London Interbank Offered Rate) for three-month interbank loans in Swiss francs. The target range normally has a bandwidth of 100 basis points (one percentage point) and, as a rule, the SNB holds the Libor in the middle of the defined range. As interest rates increasingly approached zero in the wake of the financial crisis, the Libor target range was narrowed. 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 target range for the Libor 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. 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 April of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-0.75 -0.75 3.50 -0.75 2000 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 8.00 Mar/18
Mexico 7.50 Apr/18
Russia 7.25 Mar/18
Brazil 6.50 Mar/18
India 6.00 Apr/18
China 4.35 Mar/18
Indonesia 4.25 Apr/18
United States 1.75 Mar/18
Australia 1.50 Apr/18
South Korea 1.50 Apr/18
Canada 1.25 Apr/18
United Kingdom 0.50 Mar/18
Euro Area 0.00 Mar/18
France 0.00 Mar/18
Germany 0.00 Mar/18
Italy 0.00 Mar/18
Netherlands 0.00 Mar/18
Spain 0.00 Mar/18
Japan -0.10 Mar/18
Switzerland -0.75 Mar/18


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