The Swiss National Bank (SNB) left the SNB policy rate at 0 percent at its 19 March 2026 assessment, citing higher near-term inflation from rising energy prices linked to the Middle East conflict but little change in medium-term pressures and an outlook that keeps inflation within its price-stability range. After cutting the rate by 25 bp to 0 percent in June 2025, the central bank has maintained this level. Sight deposits continue to earn the policy rate up to a set threshold, with a 0.25 percentage-point discount applied above it, and the SNB signalled an increased readiness to intervene in the foreign-exchange market to resist rapid Swiss-franc appreciation. Consumer price inflation edged up to 0.1 percent in February from 0.0 percent in November; the conditional forecast now sees average inflation at 0.5 percent in 2026, 0.5 percent in 2027 and 0.6 percent in 2028. Swiss GDP returned to growth in the fourth quarter after a prior contraction, yet the central bank expects subdued momentum with full-year expansion of about 1 percent in 2026 and 1.5 percent in 2027, while unemployment was unchanged in February. Externally, the bank highlighted heightened uncertainty and the risk of stronger energy-price shocks, supply-chain disruptions and trade tensions stemming from the Middle East conflict, which could lift global inflation and dampen activity. The SNB reiterated that it will monitor developments closely and stands ready to adjust policy as needed to safeguard medium-term
Swiss National Bank 2026-03-19
SNB keeps policy rate unchanged at 0.0%
The Swiss National Bank kept its policy rate at 0 % on 19 Mar 2026, maintaining the post-June-2025 stance and signalling greater readiness to intervene in foreign-exchange markets to counter rapid franc appreciation. While energy-linked pressures lifted headline inflation to 0.1 %, the SNB’s conditional forecast remains at 0.5 % for 2026-27 and 0.6 % for 2028, supporting its view that medium-term price stability is intact.