- Decision
- Maintain
- Rate change
- 0 bps
- snb policy rate
- 0%
In its 18 June 2026 monetary policy assessment, the Swiss National Bank left the SNB policy rate unchanged at 0%, saying higher energy prices have lifted inflation in recent months but medium-term inflationary pressure is virtually unchanged and the current stance remains appropriate to keep inflation within the range consistent with price stability while supporting economic development. Banks’ sight deposits held at the SNB will continue to be remunerated at the policy rate up to a threshold, with the discount on balances above that threshold unchanged at 0.25 percentage points, and the Swiss National Bank said it has an increased willingness to intervene in the foreign exchange market if necessary to counter a rapid and excessive appreciation of the Swiss franc. Inflation rose to 0.6% in May from 0.1% in February, mainly because of oil products, and the conditional forecast sees inflation edging up slightly in coming quarters before easing in the first half of 2027 as the impact of higher energy prices fades; the forecast is slightly higher in the short term, practically unchanged in the medium term, and remains within the price stability range over the whole horizon. For Switzerland, the Swiss National Bank said first-quarter GDP growth was solid and economic activity has been resilient, though unemployment has risen somewhat, and it expects growth of around 1% in 2026 and around 1.5% in 2027. Globally, it said growth was solid in the first quarter but slowed somewhat after the escalation in the Middle East and higher energy prices, while global inflation has risen significantly and uncertainty remains high because of the fragile Middle East situation and trade policy risks. The Swiss National Bank said it will continue to monitor the situation and adjust monetary policy if necessary to ensure price stability.
Rate evolution
Over the period, the Swiss National Bank eased the SNB policy rate by 25 basis points to 0% in June 2025 and then held it there through September 2026. The cut responded to weaker inflationary pressure, with inflation turning slightly negative and the near-term forecast lowered, while subsequent decisions judged medium-term inflation pressure broadly unchanged and monetary policy as consistent with price stability.
As the hold phase unfolded, the Swiss National Bank linked a weaker Swiss outlook and rising unemployment mainly to external forces, first citing trade tensions and higher US tariffs, then noting in December that global activity had been more resilient, lower US tariffs had slightly improved the outlook and uncertainty had eased somewhat. In March 2026, it kept the rate at 0% and increased its readiness to intervene in foreign exchange markets as the Middle East conflict lifted energy prices and strengthened the CHF, arguing that short-term inflation would rise but medium-term inflation remained within the price stability range, near-term growth could stay subdued, and policy would be adjusted if necessary. On 18 June 2026, the Swiss National Bank again left the SNB policy rate at 0% and maintained its increased willingness to intervene to counter a rapid and excessive appreciation of the CHF, while noting inflation had risen from 0.1% in February to 0.6% in May mainly because of higher oil product prices, that the shorter-term forecast was slightly higher due to raw material prices and higher inflation abroad, and that medium-term inflationary pressure was virtually unchanged as more moderate global economic growth was still likely to dampen Swiss activity in the coming quarters. On 24 September 2026, it again held the SNB policy rate at 0% and said it was willing to be active in the foreign exchange market as necessary, as inflation rose to 0.8% in August mainly on higher oil product prices, the shorter-term forecast increased due to higher-than-expected oil product prices and the medium-term forecast rose slightly partly because of the weaker CHF, although medium-term inflationary pressure increased only slightly and policy remained appropriate to keep inflation within the range consistent with price stability and support economic development.