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%).

Interest Rate in Switzerland averaged 0.68 percent from 2000 until 2020, 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 August of 2020.

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 2021, 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 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-09-19 07:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2019-12-12 08:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2020-03-19 08:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
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 Decison -0.75% -0.75%
2020-09-30 01:00 PM SNB Quarterly Bulletin
2020-12-17 07:30 AM SNB Interest Rate Decison -0.75%
2020-12-17 09:30 AM SNB Press Conference


News Stream
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
SNB Holds Rates, Cuts GDP Forecast
The Swiss National Bank kept its policy rate at -0.75 percent an the interest rate it charges on overnight deposits it holds for commercial banks at -0.75 percent during its March meeting, in line with market expectations. Policymakers also slashed its economic growth forecasts for 2020, now seeing the Swiss economy contracting as the Covid-19 pandemic deepens, from a previous estimate of 1.5-2 percent growth. The SNB said it was working with the government to provide the best possible support to the economy, and also taking additional step to ensure liquidity in the financial system.
2020-03-19
SNB Holds Interest Rates as Expected
The Swiss National Bank held the SNB policy rate at -0.75 percent during its December meeting, saying that the expansionary monetary policy continues to be necessary given the inflation outlook in the country. Policymakers agreed that the franc remains highly valued, and that the situation on the foreign exchange market is still fragile. The bank also signaled interest rates will remain at current levels through at least 2021, saying inflation will be 0.4 percent in 2019, 0.1 percent in 2020 and 0.5 percent in 2021.
2019-12-12
SNB Holds Policy Rate at -0.75%
The Swiss National Bank held the SNB policy rate at -0.75 percent during its September meeting, saying that the expansionary monetary policy continues to be necessary given the latest international developments and the inflation outlook. Policymakers agreed that the situation on the foreign exchange market is still fragile, while the Swiss franc remains highly valued.
2019-09-19

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.