Cut by 25 bp to 0.00% on 20 Jun 2025; the sixth cut in a row since 22 Mar 2024, −175 bp in all.
SNB policy rate
Every change of the rate
| Date | Move | From | To | Size |
|---|---|---|---|---|
| 20 Jun 2025 | Cut | 0.25% | 0.00% | −25 bp |
| 21 Mar 2025 | Cut | 0.50% | 0.25% | −25 bp |
| 13 Dec 2024 | Cut | 1.00% | 0.50% | −50 bp |
| 27 Sept 2024 | Cut | 1.25% | 1.00% | −25 bp |
| 21 Jun 2024 | Cut | 1.50% | 1.25% | −25 bp |
| 22 Mar 2024 | Cut | 1.75% | 1.50% | −25 bp |
| 23 Jun 2023 | Hike | 1.50% | 1.75% | +25 bp |
| 24 Mar 2023 | Hike | 1.00% | 1.50% | +50 bp |
| 16 Dec 2022 | Hike | 0.50% | 1.00% | +50 bp |
| 23 Sept 2022 | Hike | -0.25% | 0.50% | +75 bp |
| 17 Jun 2022 | Hike | -0.75% | -0.25% | +50 bp |
| 15 Jan 2015 | Cut | -0.25% | -0.75% | −50 bp |
The 11 earlier decisions, back to Dec 2006
| Date | Move | From | To | Size |
|---|---|---|---|---|
| 18 Dec 2014 | Cut | 0.13% | -0.25% | −37 bp |
| 3 Aug 2011 | Cut | 0.38% | 0.13% | −25 bp |
| 12 Mar 2009 | Cut | 0.50% | 0.38% | −12 bp |
| 11 Dec 2008 | Cut | 1.00% | 0.50% | −50 bp |
| 20 Nov 2008 | Cut | 2.00% | 1.00% | −100 bp |
| 6 Nov 2008 | Cut | 2.50% | 2.00% | −50 bp |
| 8 Oct 2008 | Cut | 2.75% | 2.50% | −25 bp |
| 13 Sept 2007 | Hike | 2.50% | 2.75% | +25 bp |
| 14 Jun 2007 | Hike | 2.25% | 2.50% | +25 bp |
| 15 Mar 2007 | Hike | 2.00% | 2.25% | +25 bp |
| 14 Dec 2006 | Hike | 1.75% | 2.00% | +25 bp |
Stories naming the SNBthe last sixty days, ranked by Oyticker for market impact
- 35Impact
SNB–FDF agree 2026–2030 profit distribution: CHF 6bn annual cap, lower provisions threshold
Switzerland's Federal Department of Finance and Swiss National Bank signed a five-year profit distribution agreement (2026–2030) maintaining the CHF 6 billion annual maximum payout, while SNB lowers mandatory provisions allocation from 10% to 8% of net profit, freeing additional distributable cash.
CHFBankingCapital Markets - 45Impact
SNB holds policy rate at 0%, signals franc depreciation and elevated inflation persistence
The Swiss National Bank maintained its policy rate at 0% on 24 September 2026, citing appropriate monetary conditions and only slight increases in medium-term inflationary pressure. The SNB acknowledged global inflation remains elevated and signaled willingness to intervene in FX markets; the Swiss franc has already depreciated against major trading partners.
CHF/USDCHF/EURBankingCapital Markets - 45Impact
SNB holds policy rate at 0% amid rising energy-driven inflation; medium-term pressures contained
The Swiss National Bank maintained its policy rate at 0% on 24 September 2026, citing appropriate monetary conditions despite inflation rising to 0.8% in August, primarily from energy prices. Medium-term inflationary pressure remains modest, with the SNB forecasting inflation to peak in Q4 2026 before declining through 2027.
CHF/USDEUR/CHF
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