Switzerland Interest Rate  2000-2018 | Data | Chart | Calendar | Forecast

The Swiss National Bank kept its benchmark three-month Libor at -0.75 percent on June 21st, 2018, in line with market expectations. Policymakers continued to say the Swiss franc remains too strong and revised higher inflation forecasts for 2018. Interest Rate in Switzerland averaged 0.82 percent from 2000 until 2018, 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.

Switzerland Interest Rate
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Switzerland Keeps Rates Steady

The Swiss National Bank left its benchmark three-month Libor at -0.75 percent on June 21st, 2018, in line with market expectations. Policymakers continued to say the Swiss franc remains too strong and revised higher inflation forecasts for 2018.

Excerpts from the SNB press release:

All in all, the value of the Swiss franc has barely changed since the monetary policy assessment of March 2018. The currency remains highly valued. Following the March assessment, the Swiss franc initially depreciated slightly against the US dollar and the euro. However, in light of political uncertainty in Italy, we have since seen countermovement, particularly against the euro. The situation on the foreign exchange market thus remains fragile, and the negative interest rate and our willingness to intervene in the foreign exchange market as necessary therefore remain essential. These measures keep the attractiveness of Swiss franc investments low and ease pressure on the currency.

The new conditional inflation forecast for the coming quarters is slightly higher than it was in March 2018 due to a marked rise in the price of oil; this price rise ceases to affect annual inflation after the first quarter of 2019. From mid-2019, the new conditional forecast is lower than it was in March 2018, mainly due to the muted outlook in the euro area. At 0.9%, the inflation forecast for 2018 is 0.3 percentage points higher than projected at the March assessment. For 2019, the SNB continues to anticipate inflation of 0.9%. For 2020, we expect to see inflation of 1.6%, compared with 1.9% forecast in the last quarter. The conditional inflation forecast is based on the assumption that the three-month Libor remains at –0.75% over the entire forecast horizon.

The risks to the SNB’s baseline scenario are more to the downside. Chief among them are political developments in certain countries as well as potential international tensions and protectionist tendencies.

SNB | Joana Taborda | joana.taborda@tradingeconomics.com
6/21/2018 7:52:08 AM

Calendar GMT Actual Previous Consensus TEForecast
2017-12-14 08:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2018-03-15 08:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2018-06-21 07:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2018-09-20 07:30 AM SNB Interest Rate Decison -0.75% -0.75%
2018-12-13 08:30 AM SNB Interest Rate Decison -0.75%

Switzerland Money Last Previous Highest Lowest Unit
Interest Rate -0.75 -0.75 3.50 -0.75 percent [+]
Interbank Rate -0.73 -0.73 10.00 -0.96 percent [+]
Money Supply M0 549148.00 547960.00 561229.00 5475.00 CHF Million [+]
Money Supply M1 650040.00 645854.00 650040.00 89321.00 CHF Million [+]
Money Supply M2 995509.00 989667.00 995509.00 198227.00 CHF Million [+]
Money Supply M3 1045088.00 1039576.00 1045088.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 748517.00 740633.00 757192.70 42137.60 CHF Million [+]
Banks Balance Sheet 2012790.13 1985996.12 2012790.13 595832.00 CHF Million [+]
Loans to Private Sector 1419110.00 1413859.00 1419110.00 348012.00 CHF Million [+]
Deposit Interest Rate -0.32 -0.32 9.75 -0.34 percent [+]
Private Debt to GDP 239.26 228.46 239.26 182.56 percent [+]
Central Bank Balance Sheet 827932.67 841377.28 843306.37 68322.20 CHF Million [+]

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. This page provides - Switzerland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Switzerland Interest Rate - actual data, historical chart and calendar of releases - was last updated on July of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-0.75 -0.75 3.50 -0.75 2000 - 2018 percent Daily

interest rate by Country
Country Last
Turkey 17.75 Jun/18
Mexico 7.75 Jun/18
Russia 7.25 Jun/18
Brazil 6.50 Jun/18
India 6.25 Jun/18
Indonesia 5.25 Jun/18
China 4.35 Jun/18
United States 2.00 Jun/18
Australia 1.50 Jul/18
Canada 1.50 Jul/18
South Korea 1.50 Jul/18
United Kingdom 0.50 Jul/18
Euro Area 0.00 Jun/18
France 0.00 Jun/18
Germany 0.00 Jun/18
Italy 0.00 Jun/18
Netherlands 0.00 Jun/18
Spain 0.00 Jun/18
Japan -0.10 Jun/18
Switzerland -0.75 Jun/18