Swiss National Bank Interest Rate 2026

The Swiss National Bank is responsible for monetary policy in Switzerland and plays a central role in maintaining price stability and influencing monetary and financial conditions.

Switzerland differs from major economies such as the United States and the euro area. It is a small, highly open economy with substantial international trade, while the Swiss franc holds an important position in global markets as a perceived safe-haven currency.

SNB decisions therefore matter beyond domestic borrowing costs. Interest rate changes and expectations of foreign exchange intervention can influence the franc, affecting import prices, export competitiveness and inflation.

The Bank conducts four comprehensive monetary policy assessments each year and publishes decisions alongside conditional inflation forecasts. It can also employ additional instruments when necessary to maintain appropriate monetary conditions.

This page brings together the current Swiss policy rate, historical decisions and upcoming assessments, with analysis of monetary policy transmission to currencies, gold, equities, bonds and the Swiss economy.

The Swiss National Bank conducts monetary policy with the objective of price stability while taking economic developments into account. It also contributes to financial system stability, supports payment infrastructure and provides liquidity under its statutory responsibilities.

Monetary policy decisions are made by the Governing Board, which evaluates inflation, growth, employment, financial markets and international developments.

The Bank has a particularly important role because of the relationship between the Swiss franc and inflation. Strong currency appreciation can reduce import prices while pressuring exporters, whereas depreciation can increase the cost of imported goods.

The SNB uses its policy rate and liquidity management instruments and may be active in foreign exchange markets when necessary. This does not imply a fixed or guaranteed exchange rate for the franc.

The Swiss National Bank focuses on price stability, which it defines as an annual increase in consumer prices of less than 2%. Sustained deflation is also considered inconsistent with price stability.

The Bank uses its policy rate to influence money market rates and financing conditions while accounting for the effects of exchange rate movements on inflation and economic activity.

The SNB publishes a conditional inflation forecast based on an assumed policy rate. This forecast should not be confused with a commitment to future interest rate decisions.

Monetary policy assessments take place in March, June, September and December. Markets may respond to the decision itself, changes in the inflation outlook or signals concerning foreign exchange conditions.

A distinctive feature of Swiss monetary policy is the historical use of negative interest rates over an extended period, setting the SNB apart from several other major central banks.

The Swiss monetary policy outlook depends on domestic inflation, imported inflation, the value of the Swiss franc and global economic growth.

At its September 2026 assessment, the SNB maintained the policy rate at 0.00%. It noted that inflation had increased because of higher energy prices, while medium-term inflation pressures remained relatively contained.

The Bank forecast average inflation of 0.7% in 2026, 0.8% in 2027 and 0.8% in 2028, conditional on an unchanged policy rate of zero throughout the forecast horizon.

It also expected Swiss economic growth of between 1.5% and 2% in 2026 and approximately 1.5% in 2027.

Global developments, trade uncertainty, energy prices and the franc exchange rate remain important factors. Stronger international demand for safe-haven assets could increase the franc's value, influencing inflation and economic activity.

These forecasts do not guarantee future outcomes or establish the direction of the next policy decision.