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

The Swiss National Bank kept its benchmark three-month Libor unchanged at -0.75 percent on September 20th 2018, in line with market expectations. The central bank said the Swiss franc is highly valued and confirmed it will continue to intervene in foreign exchange markets. Policymakers also lowered inflation forecasts for 2019 to 0.8 percent from 0.9 percent and for 2020 to 1.2 percent from 1.6 percent. Inflation forecast for 2018 was left at 0.9 percent. GDP growth for the current year was revised higher to 2.5-3 percent from 2 percent. Interest Rate in Switzerland averaged 0.80 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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Swiss Holds Interest Rate Steady at -0.75%


The Swiss National Bank kept its benchmark three-month Libor unchanged at -0.75 percent on September 20th 2018, in line with market expectations. The central bank said the Swiss franc is highly valued and confirmed it will continue to intervene in foreign exchange markets. Policymakers also lowered inflation forecasts for 2019 to 0.8 percent from 0.9 percent and for 2020 to 1.2 percent from 1.6 percent. Inflation forecast for 2018 was left at 0.9 percent. GDP growth for the current year was revised higher to 2.5-3 percent from 2 percent.

SNB press release:

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB remains 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. 

Since the monetary policy assessment of June 2018, the Swiss franc has appreciated noticeably, against the major currencies as well as against emerging market currencies. The Swiss franc is highly valued, and the situation on the foreign exchange market is still fragile. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market as necessary remain essential in order to keep the attractiveness of Swiss franc investments low and thus ease pressure on the currency. 

The new conditional inflation forecast suggests that inflation up to the beginning of 2019 will be higher than predicted in June due to a slight rise in domestic inflation. From the second quarter of 2019, the new conditional forecast lies below the June forecast as a result of the appreciation in the Swiss franc. For 2018, the SNB continues to anticipate inflation of 0.9%, while the inflation forecast of 0.8% for 2019 is 0.1 percentage points lower than projected at the last assessment. For 2020, the SNB expects to see inflation of 1.2%, compared with the 1.6% forecast in the 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. 

Overall, global economic growth was solid in the second quarter. In the advanced economies, utilisation of production capacity continued to improve and employment figures once again rose. In the emerging economies, too, economic momentum remained generally robust. International goods trade nonetheless slowed somewhat.

Economic signals for the coming months remain favourable. Supported by ongoing expansionary monetary policy in the advanced economies and improved labour markets, the global economy is likely to continue to grow. However, following strong growth in the previous quarters, the pace is expected to slow slightly. To date, the crises of confidence in Turkey and Argentina have not materially impacted the global economic outlook. 

The risks to this positive baseline scenario are more to the downside. Chief among them are political uncertainties in some countries as well as potential international tensions and protectionist tendencies. 

Switzerland’s economy has continued to recover. The revised GDP figures for recent years reveal stronger growth momentum than was originally reported. In the second quarter 2018, GDP once again grew faster than estimated potential output, at an annualised rate of 2.9%. The positive development in the first half of the year was, however, partly due to special factors. Overall, utilisation of total production capacity has improved further, and unemployment has also continued to decline over recent months. 

Leading indicators suggest that the economic outlook remains favourable. Some loss of momentum is expected, however, due to a slight slowdown in global growth and the dampening effect of recent Swiss franc appreciation. The SNB now anticipates GDP growth of between 2.5% and 3% for the current year and a further slight fall in unemployment. The stronger growth forecast is attributable to the upward revision for the previous quarters.


SNB | Agna Gabriel | agna.gabriel@tradingeconomics.com
9/20/2018 8:20:36 AM



Calendar GMT Actual Previous Consensus TEForecast
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% -0.75% -0.75%
2018-09-20 07:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2018-12-13 08:30 AM SNB Interest Rate Decison -0.75% -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 554256.00 552129.00 561229.00 5475.00 CHF Million [+]
Money Supply M1 655363.00 650730.00 655363.00 89321.00 CHF Million [+]
Money Supply M2 1000964.00 995616.00 1000964.00 198227.00 CHF Million [+]
Money Supply M3 1050579.00 1045155.00 1050579.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 730908.00 749913.00 757192.70 42137.60 CHF Million [+]
Banks Balance Sheet 2020448.01 2006848.67 2020448.01 595832.00 CHF Million [+]
Loans to Private Sector 1426882.00 1424118.00 1426882.00 348012.00 CHF Million [+]
Deposit Interest Rate -0.32 -0.32 9.75 -0.34 percent [+]
Private Debt to GDP 239.26 228.46 239.26 182.56 percent [+]
Central Bank Balance Sheet 827935.27 836275.35 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 September 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
Argentina 60.00 Sep/18
Turkey 24.00 Sep/18
Mexico 7.75 Aug/18
Russia 7.50 Sep/18
Brazil 6.50 Sep/18
India 6.50 Aug/18
South Africa 6.50 Sep/18
Indonesia 5.50 Aug/18
China 4.35 Aug/18
Saudi Arabia 2.50 Aug/18
United States 2.00 Aug/18
Australia 1.50 Sep/18
Canada 1.50 Sep/18
South Korea 1.50 Aug/18
Singapore 1.06 Aug/18
United Kingdom 0.75 Sep/18
Euro Area 0.00 Sep/18
France 0.00 Sep/18
Germany 0.00 Sep/18
Italy 0.00 Sep/18
Netherlands 0.00 Sep/18
Spain 0.00 Sep/18
Japan -0.10 Sep/18
Switzerland -0.75 Sep/18


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