The Swiss National Bank kept its policy rate at 0% in its September 2026 meeting, in line with market expectations, keeping borrowing costs at zero since mid-2025. Policymakers stated that the current stance remains appropriate to maintain price stability and support economic development. Inflation has risen further since June, with the rate rising to 0.8% in August from 0.6% in May, driven mainly by higher energy prices. The SNB expects inflation to rise further in the fourth quarter before easing through 2027. The bank also forecasts average inflation of 0.7% in 2026 and 0.8% in both 2027 and 2028. Meanwhile, policymakers expect Swiss GDP growth of 1.5%-2% in 2026 and around 1.5% in 2027, while highlighting high uncertainty from Middle East tensions, global growth, trade policy and exchange rates. The SNB also said it remains willing to intervene in foreign exchange markets as necessary. source: Swiss National Bank

The benchmark interest rate in Switzerland was last recorded at 0 percent. Interest Rate in Switzerland averaged 0.59 percent from 2000 until 2026, 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 September of 2026.

The benchmark interest rate in Switzerland was last recorded at 0 percent. Interest Rate in Switzerland is expected to be 0.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Switzerland Interest Rate is projected to trend around 0.75 percent in 2027 and 0.50 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-03-19 08:30 AM SNB Interest Rate Decision 0% 0% 0% 0%
2026-06-18 07:30 AM SNB Interest Rate Decision 0% 0% 0% 0.0%
2026-09-24 07:30 AM SNB Interest Rate Decision 0% 0% 0% 0%
2026-09-30 01:00 PM SNB Quarterly Bulletin
2026-10-22 07:30 AM SNB Monetary Policy Meeting Minutes
2026-12-10 08:30 AM SNB Interest Rate Decision 0%


Related Last Previous Unit Reference
Banks Balance Sheet 2419143.00 2412266.00 CHF Million Jul 2026
Central Bank Balance Sheet 929994.40 913630.60 CHF Million Jul 2026
Deposit Interest Rate 0.03 0.02 percent Jul 2026
Foreign Exchange Reserves 770073.00 768143.00 CHF Million Aug 2026
SNB Interest Rate 0.00 0.00 percent Sep 2026
Loans to Private Sector 1833217.00 1830363.00 CHF Million Jul 2026
Money Supply M0 503948.00 511424.00 CHF Million Aug 2026
Money Supply M1 777303.00 770141.00 CHF Million Aug 2026
Money Supply M2 1123976.00 1117864.00 CHF Million Aug 2026
Money Supply M3 1238158.00 1232174.00 CHF Million Aug 2026


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.
Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 3.50 -0.75 2000 - 2026 percent Daily

News Stream
Swiss National Bank Leaves Key Rate at 0%
The Swiss National Bank kept its policy rate at 0% in its September 2026 meeting, in line with market expectations, keeping borrowing costs at zero since mid-2025. Policymakers stated that the current stance remains appropriate to maintain price stability and support economic development. Inflation has risen further since June, with the rate rising to 0.8% in August from 0.6% in May, driven mainly by higher energy prices. The SNB expects inflation to rise further in the fourth quarter before easing through 2027. The bank also forecasts average inflation of 0.7% in 2026 and 0.8% in both 2027 and 2028. Meanwhile, policymakers expect Swiss GDP growth of 1.5%-2% in 2026 and around 1.5% in 2027, while highlighting high uncertainty from Middle East tensions, global growth, trade policy and exchange rates. The SNB also said it remains willing to intervene in foreign exchange markets as necessary.
2026-09-24
SNB Holds Rates at 0%
The Swiss National Bank kept its policy rate at 0% in its June 2026 meeting, as expected, stating the current stance supports price stability and economic growth. Policymakers noted that medium-term inflation pressures remain largely unchanged, despite recent price increases driven by higher energy costs. The SNB forecasts inflation to rise slightly in the near term before easing in early 2027, with annual averages of 0.6% for 2026 and 2027, and 0.7% for 2028. Growth is projected at 1% for 2026 and 1.5% for 2027. The bank highlighted global economic risks, particularly Middle East tensions, potentially strengthening the Swiss franc, and uncertain US trade policy. The SNB also signaled a greater readiness to intervene in foreign exchange markets if needed.
2026-06-18
SNB Leaves Policy Rate Unchanged at 0%
The Swiss National Bank kept its policy rate unchanged at 0% in March 2026, maintaining remuneration on sight deposits up to a set threshold, with a 0.25 percentage point discount applied above it. Amid the Middle East conflict, the SNB signaled a greater willingness to intervene in currency markets to prevent excessive Swiss franc appreciation and protect price stability. Inflation has edged up slightly, reaching 0.1% in February, with higher energy prices expected to push it further in the near term, though medium term pressures remain stable. The SNB forecasts average inflation at 0.5% in 2026 and 2027, and 0.6% in 2028. While global growth was solid late last year, rising energy costs and geopolitical tensions are increasing uncertainty and may slow activity. Switzerland’s economy showed modest growth, with GDP rebounding in the fourth quarter, and is expected to expand around 1% in 2026, though risks remain tied to global conditions.
2026-03-19