The Swiss National Bank left its policy rate at 0% in its final meeting of the year and maintained the 0.25-percentage-point charge on sight deposits above the set threshold. It also reaffirmed its readiness to intervene in the foreign exchange market if needed. Inflation remained subdued, slipping to 0.0% in November from 0.2% in August due to lower prices for hotels, rents, and clothing. Assuming no change in the policy rate, the SNB expects inflation at 0.2% in 2025, 0.3% in 2026, and 0.6% in 2027. Meanwhile, Swiss GDP contracted in Q3, mainly reflecting a correction in pharmaceuticals after front-loaded exports to the US, while other industries and services posted slight gains. The SNB now sees GDP growth near 1.5% in 2025, slightly above its earlier range of 1% to 1.5%, and around 1% in 2026, compared with its previous projection of just under 1%. It also expects a modest increase in unemployment as overall economic momentum remains muted. source: Swiss National Bank

The benchmark interest rate in Switzerland was last recorded at 0 percent. Interest Rate in Switzerland averaged 0.60 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 February 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 1.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-06-19 07:30 AM SNB Interest Rate Decision 0% 0.25% 0% 0%
2025-09-25 07:30 AM SNB Interest Rate Decision 0% 0% 0.0% 0.0%
2025-12-11 08:30 AM SNB Interest Rate Decision 0% 0% 0% 0%
2026-03-19 08:30 AM SNB Interest Rate Decision 0% 0%
2026-03-25 02:00 PM SNB Quarterly Bulletin
2026-04-16 07:30 AM SNB Monetary Policy Meeting Minutes


Related Last Previous Unit Reference
Banks Balance Sheet 2392553.00 2383896.00 CHF Million Nov 2025
Central Bank Balance Sheet 893857.00 896721.60 CHF Million Dec 2025
Deposit Interest Rate 0.03 0.03 percent Dec 2025
Foreign Exchange Reserves 711981.00 725358.00 CHF Million Jan 2026
SNB Interest Rate 0.00 0.00 percent Jan 2026
Loans to Private Sector 1801029.00 1794069.00 CHF Million Nov 2025
Money Supply M0 511648.00 508257.00 CHF Million Dec 2025
Money Supply M1 752602.00 752476.00 CHF Million Dec 2025
Money Supply M2 1103258.00 1102153.00 CHF Million Dec 2025
Money Supply M3 1210858.00 1211649.00 CHF Million Dec 2025


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
SNB Holds Policy Rate at 0%
The Swiss National Bank left its policy rate at 0% in its final meeting of the year and maintained the 0.25-percentage-point charge on sight deposits above the set threshold. It also reaffirmed its readiness to intervene in the foreign exchange market if needed. Inflation remained subdued, slipping to 0.0% in November from 0.2% in August due to lower prices for hotels, rents, and clothing. Assuming no change in the policy rate, the SNB expects inflation at 0.2% in 2025, 0.3% in 2026, and 0.6% in 2027. Meanwhile, Swiss GDP contracted in Q3, mainly reflecting a correction in pharmaceuticals after front-loaded exports to the US, while other industries and services posted slight gains. The SNB now sees GDP growth near 1.5% in 2025, slightly above its earlier range of 1% to 1.5%, and around 1% in 2026, compared with its previous projection of just under 1%. It also expects a modest increase in unemployment as overall economic momentum remains muted.
2025-12-11
SNB Leaves Policy Rate Unchanged at 0%
The Swiss National Bank left its policy rate unchanged at 0%, maintaining the 0.25 percentage point discount on sight deposits above the set threshold, and reaffirmed its readiness to intervene in foreign exchange markets if needed. Inflationary pressure remains subdued, with inflation edging up to 0.2% in August from -0.1% in May, driven mainly by tourism and imported goods. The SNB projects inflation at 0.2% in 2025, 0.5% in 2026, and 0.7% in 2027, assuming the policy rate stays at 0%. Global growth slowed in early 2025, weighed down by US tariffs and uncertainty, with the SNB expecting subdued expansion ahead. In Switzerland, GDP growth softened to 0.5% in Q2 after a strong Q1 boosted by pharmaceutical exports. Higher US tariffs are set to dampen exports and investment, particularly in machinery and watchmaking, while services remain resilient. The SNB forecasts 1–1.5% GDP growth in 2025, slowing to just under 1% in 2026, with unemployment expected to rise further.
2025-09-25
SNB Lowers Interest Rate to 0%
The Swiss National Bank (SNB) cut its policy rate by 25 bps to 0% in June 2025, as expected, setting borrowing costs at zero for the first time since negative rates in late 2022. The move came amid easing inflationary pressures and a weakening global economic outlook. Consumer prices in Switzerland fell by 0.1% in May, marking the first decline in four years, mainly driven by lower prices in tourism and oil products. The SNB now projects average inflation at 0.2% for 2025, 0.5% for 2026, and 0.7% for 2027. Swiss GDP also posted strong growth in the first quarter of 2025, partly supported by early exports to the US ahead of new tariffs, although underlying momentum was more modest. Growth is expected to slow in the coming quarters, with GDP expansion forecast at 1% to 1.5% for both 2025 and 2026. Meanwhile, the global outlook has deteriorated due to rising trade tensions, adding further uncertainty to Switzerland’s trade prospects.
2025-06-19