The Swiss National Bank hiked its policy rate by 50bps to -0.25% in its June 2022 meeting, surprising markets that expected the interest rate to be held constant, and did not rule out further rate increases in coming meetings. It was the first rate hike since 2007 after the central bank kept its policy rate at record lows of -0.75% since 2015. The decision was made aimed to counter increased inflationary pressure and prevent price growth from spreading more broadly to goods and services, after surging prices for energy and food lifted headline inflation to 14-year highs of 2.9%. The SNB also emphasized it is willing to intervene on the foreign exchange market if needed. The bank revised year-end inflation forecasts to 2.8% for this year, compared to previous projections of 2.1%, despite the rate change. Also, the SNB held growth forecasts to 2.5% this year, expecting output to remain favorable and unemployment to stay low, should energy supply in Europe not be adversely affected source: Swiss National Bank

Interest Rate in Switzerland averaged 0.56 percent from 2000 until 2022, 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 2022.

Interest Rate in Switzerland is expected to be -0.25 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 1.00 percent in 2023 and 1.50 percent in 2024, according to our econometric models.

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Switzerland Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2021-12-16 08:30 AM SNB Interest Rate Decision -0.75% -0.75% -0.75% -0.75%
2022-03-24 08:30 AM SNB Interest Rate Decision -0.75% -0.75% -0.75% -0.75%
2022-06-16 07:30 AM SNB Interest Rate Decision -0.25% -0.75% -0.75% -0.75%
2022-09-22 07:30 AM SNB Interest Rate Decision
2022-12-15 08:30 AM SNB Interest Rate Decision
2022-12-15 09:30 AM SNB Press Conference


Related Last Previous Unit Reference
Interest Rate -0.25 -0.75 percent Jun 2022
Money Supply M1 778280.00 774824.00 CHF Million May 2022
Money Supply M0 755419.00 757190.00 CHF Million May 2022
Money Supply M2 1093355.00 1090682.00 CHF Million May 2022
Money Supply M3 1156006.00 1152607.00 CHF Million May 2022
Foreign Exchange Reserves 925430.00 926050.00 CHF Million May 2022
Banks Balance Sheet 2371158.88 2350474.99 CHF Million Apr 2022
Loans to Private Sector 1675914.00 1668245.00 CHF Million Apr 2022
Deposit Interest Rate -0.45 -0.46 percent Apr 2022
Central Bank Balance Sheet 1066104.08 1037870.53 CHF Million Apr 2022

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
-0.25 -0.75 3.50 -0.75 2000 - 2022 percent Daily

News Stream
SNB Unexpectedly Hikes Rate by 50bps
The Swiss National Bank hiked its policy rate by 50bps to -0.25% in its June 2022 meeting, surprising markets that expected the interest rate to be held constant, and did not rule out further rate increases in coming meetings. It was the first rate hike since 2007 after the central bank kept its policy rate at record lows of -0.75% since 2015. The decision was made aimed to counter increased inflationary pressure and prevent price growth from spreading more broadly to goods and services, after surging prices for energy and food lifted headline inflation to 14-year highs of 2.9%. The SNB also emphasized it is willing to intervene on the foreign exchange market if needed. The bank revised year-end inflation forecasts to 2.8% for this year, compared to previous projections of 2.1%, despite the rate change. Also, the SNB held growth forecasts to 2.5% this year, expecting output to remain favorable and unemployment to stay low, should energy supply in Europe not be adversely affected.
2022-06-16
SNB Keeps Rates Steady, Reviews Forecasts
The Swiss National Bank held its policy rate at -0.75% and the interest rate it charges on overnight deposits it holds for commercial banks at -0.75% at its March 2022 meeting, as widely expected. Policymaker stated they are maintaining the bank’s ultra-loose monetary policy with a view of ensuring price stability, by countering the upward pressure of the franc, and providing ongoing support to the Swiss economy despite inflation being at the 13-year high of 2.2%. The central bank noted that inflation is to continue on the upside, mainly due to higher energy and commodity prices from effects the war in Ukraine, heightening uncertainty in the future. The SNB raised inflation forecasts for 2022 to 2.1% (from 1% in its December meeting) and to 0.9% for 2023 and 2024, should the interest rate remain at -0.75%. Higher prices and uncertainty led the bank to revise growth expectations lower, revising its 2022 GDP forecast downwards to 2.5% (from 3%).
2022-03-24
SNB Keeps Rates Steady, Reviews Forecasts
The Swiss National Bank held its policy rate at -0.75% and the interest rate it charges on overnight deposits it holds for commercial banks at -0.75% at its December 2021 meeting, as expected. Policymakers said they are maintaining its ultra-loose monetary policy, with a view to ensuring price stability and providing ongoing support to the Swiss economy, despite rising inflation and the Swiss franc hitting its highest valuation in six-and-a-half years. The central bank raised inflation forecasts for 2021 to 0.6% (vs 0.5% in September) and for 2022 to 1% (vs 0.7% in September), amid higher prices for oil products as well as supply bottlenecks. For 2023, inflation forecasts were kept unchanged at 0.6%. The GDP growth was revised higher to 3.5% for this year (vs 3% earlier). In its first outlook for 2022, the central bank forecast growth of around 3%. The Bank reiterated its continued willingness to intervene in foreign exchange markets “as necessary” to temper the value of the franc.
2021-12-16