The Swiss National Bank held the SNB policy rate at -0.75 percent during its December meeting, saying that the expansionary monetary policy continues to be necessary given the inflation outlook in the country. Policymakers agreed that the franc remains highly valued, and that the situation on the foreign exchange market is still fragile. The bank also signaled interest rates will remain at current levels through at least 2021, saying inflation will be 0.4 percent in 2019, 0.1 percent in 2020 and 0.5 percent in 2021.

Interest Rate in Switzerland averaged 0.71 percent from 2000 until 2019, 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.

Interest Rate in Switzerland is expected to be -0.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Switzerland to stand at -0.75 in 12 months time. In the long-term, the Switzerland Interest Rate is projected to trend around -0.75 percent in 2020, according to our econometric models.


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Switzerland Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.75 -0.75 3.50 -0.75 2000 - 2019 percent Daily

Calendar GMT Actual Previous Consensus TEForecast
2019-03-21 08:30 AM -0.75% -0.75% -0.75% -0.75%
2019-06-13 07:30 AM -0.75% -0.75% -0.75% -0.75%
2019-09-19 07:30 AM -0.75% -0.75% -0.75% -0.75%
2019-12-12 08:30 AM -0.75% -0.75% -0.75% -0.75%
2020-03-19 09:30 AM -0.75%


News Stream
2019-09-19
SNB Holds Policy Rate at -0.75%
The Swiss National Bank held the SNB policy rate at -0.75 percent during its September meeting, saying that the expansionary monetary policy continues to be necessary given the latest international developments and the inflation outlook. Policymakers agreed that the situation on the foreign exchange market is still fragile, while the Swiss franc remains highly valued.

2019-06-13
SNB Holds Rates, Raises Inflation Outlook
The Swiss National Bank held its interest on sight deposits at -0.75 percent during its June meeting and introduced the SNB policy rate, which will be used from now on and replaces the target range for the three-month Libor used previously. It currently stands at -0.75 percent. Policymakers said that the expansionary monetary policy remains necessary amid a "highly valued" Swiss franc and uncertainty surrounding the global economy. Meanwhile, the SNB now expects inflation for 2019 at 0.6 percent (vs 0.3 percent seen in March) and for 2020 at 0.7 percent (vs 0.6 percent seen in March).

2019-03-21
Switzerland Keeps Rates Steady, Lowers Inflation Forecasts
The Swiss National Bank left its benchmark interest rate unchanged at -0.75 percent on March 21st 2019, in line with market expectations, saying the Swiss franc is still highly valued, and the situation on the foreign exchange market continues to be fragile. Policymakers also lowered inflation forecasts for 2019 to 0.3 percent from 0.5 percent and for 2020 to 0.6 percent from 1 percent.


Switzerland Interest Rate
The SNB implements its monetary policy by fixing a target range for the reference interest rate, the Libor (London Interbank Offered Rate) for three-month interbank loans in Swiss francs. The target range normally has a bandwidth of 100 basis points (one percentage point) and, as a rule, the SNB holds the Libor in the middle of the defined range. As interest rates increasingly approached zero in the wake of the financial crisis, the Libor target range was narrowed. 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 target range for the Libor 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.

Switzerland Money Last Previous Highest Lowest Unit
Interest Rate -0.75 -0.75 3.50 -0.75 percent [+]
Money Supply M0 582185.00 583765.00 583765.00 5475.00 CHF Million [+]
Money Supply M1 675726.00 677009.00 682520.00 89321.00 CHF Million [+]
Interbank Rate -0.68 -0.68 10.00 -0.96 percent [+]
Money Supply M2 1015943.00 1019103.00 1030195.00 198227.00 CHF Million [+]
Money Supply M3 1071694.00 1075732.00 1079320.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 770803.90 782953.30 782953.30 42137.60 CHF Million [+]
Banks Balance Sheet 2112783.19 2080015.71 2112783.19 595832.00 CHF Million [+]
Loans to Private Sector 1506554.00 1495043.00 1508381.00 348012.00 CHF Million [+]
Deposit Interest Rate -0.38 -0.38 9.75 -0.41 percent [+]
Private Debt to GDP 250.41 247.92 250.41 182.56 percent [+]
Central Bank Balance Sheet 864601.02 861532.90 864601.02 68322.20 CHF Million [+]