The Swiss National Bank (SNB) cut its key policy rate by 50bps to 0.5% in December 2024, exceeding market expectations for a smaller 25bps cut. This marks the fourth straight rate reduction and the steepest since January 2015, bringing borrowing costs to their lowest since November 2022. The decision comes as inflation eases, dropping from 1.1% in August to 0.7% in November, driven by lower costs in domestic services, oil, and food. Inflation is forecast to average 1.1% in 2024, 0.3% in 2025, and 0.8% in 2026, staying within the SNB's target range. Swiss GDP is expected to grow around 1% this year, with slight improvement to 1–1.5% in 2025, supported by recent rate cuts. However, rising unemployment, slower production, and global uncertainties—like geopolitical tensions and unclear policy directions abroad—pose risks to the economic outlook. source: Swiss National Bank

The benchmark interest rate in Switzerland was last recorded at 0.50 percent. Interest Rate in Switzerland averaged 0.62 percent from 2000 until 2024, 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 January of 2025.

The benchmark interest rate in Switzerland was last recorded at 0.50 percent. Interest Rate in Switzerland is expected to be 0.50 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 0.25 percent in 2025 and 0.75 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-06-20 07:30 AM
SNB Interest Rate Decision
1.25% 1.5% 1.25% 1.25%
2024-09-26 07:30 AM
SNB Interest Rate Decision
1% 1.25% 1% 1.0%
2024-12-12 08:30 AM
SNB Interest Rate Decision
0.5% 1% 0.75% 0.75%
2025-03-20 08:30 AM
SNB Interest Rate Decision
0.5%
2025-06-19 08:30 AM
SNB Interest Rate Decision
0.5%
2025-09-25 08:30 AM
SNB Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 2335155.00 2316260.20 CHF Million Oct 2024
Central Bank Balance Sheet 843049.30 835238.90 CHF Million Nov 2024
Deposit Interest Rate 0.39 0.48 percent Nov 2024
Foreign Exchange Reserves 730959.00 724694.00 CHF Million Dec 2024
SNB Interest Rate 0.50 1.00 percent Dec 2024
Loans to Private Sector 1757425.00 1751970.00 CHF Million Oct 2024
Money Supply M0 524956.00 525728.00 CHF Million Nov 2024
Money Supply M1 621373.00 611406.00 CHF Million Nov 2024
Money Supply M2 952486.00 940256.00 CHF Million Nov 2024
Money Supply M3 1155949.00 1148370.00 CHF Million Nov 2024

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
0.50 1.00 3.50 -0.75 2000 - 2024 percent Daily


News Stream
SNB Cuts Rate to 0.5%, More Than Expected
The Swiss National Bank (SNB) cut its key policy rate by 50bps to 0.5% in December 2024, exceeding market expectations for a smaller 25bps cut. This marks the fourth straight rate reduction and the steepest since January 2015, bringing borrowing costs to their lowest since November 2022. The decision comes as inflation eases, dropping from 1.1% in August to 0.7% in November, driven by lower costs in domestic services, oil, and food. Inflation is forecast to average 1.1% in 2024, 0.3% in 2025, and 0.8% in 2026, staying within the SNB's target range. Swiss GDP is expected to grow around 1% this year, with slight improvement to 1–1.5% in 2025, supported by recent rate cuts. However, rising unemployment, slower production, and global uncertainties—like geopolitical tensions and unclear policy directions abroad—pose risks to the economic outlook.
2024-12-12
SNB Lowers Interest Rate for 3rd Time
The Swiss National Bank cut its key policy rate by 25 bps to 1% in September 2024, a third consecutive reduction and pushing borrowing costs to the lowest since early 2023, in line with market expectations. Policymakers added they remain willing to be active in the foreign exchange market as necessary and further interest rate cuts may become necessary in the coming quarters to ensure price stability over the medium term. The central bank noted that inflationary pressure in Switzerland has again decreased significantly compared to the previous quarter. Among other things, this decrease reflects the appreciation of the Swiss franc over the last three months. Inflation in Switzerland eased to 1.1% in August. The central bank revised its inflation forecasts lower for 2024 (1.2% vs 1.3%), 2025 (0.6% vs 1.1%) and 2026 (0.7% vs 1%). Forecasts for GDP growth however, were maintained at around 1% in 2024 and 1.5% in 2025.
2024-09-26
SNB Cuts Rate by 25bps
The Swiss National Bank reduced its key policy rate by 25 bps to 1.25% in June 2024, following a similar move in the previous meeting, in line with market expectations due to a decrease in underlying inflationary pressure and the strength of the Swiss franc. This adjustment aims to maintain appropriate monetary conditions, with inflation currently driven mainly by higher prices for domestic services. The SNB’s new conditional inflation forecast is similar to March's, average annual inflation of 1.3% in 2024, 1.1% in 2025, and 1.0% in 2026, assuming the policy rate remains at 1.25%. The SNB expects moderate GDP growth of around 1% in 2024 and 1.5% in 2025, with a slight rise in unemployment and normal utilization of production capacity. Prior to the decision, the franc traded close to 3-month highs against the dollar and 4-month highs against the euro, as political turmoil in France and the rise of far-right parties in European Parliament elections prompted a flight to safety.
2024-06-20