The SNB left rates at 0% on Sept. 24, 2026, keeping policy unchanged as inflation stayed subdued.
Why it matters: With rates already at zero, businesses and investors will be watching whether the SNB signals further easing or leans more heavily on currency intervention. The decision also reinforces how sensitive Switzerland's outlook remains to the franc and the global economy.
- The Swiss National Bank held its policy rate unchanged at 0% in Bern on Sept. 24, 2026.
- Inflation rose from 0.6% in May to 0.8% in August, helped by higher oil-product prices.
- The SNB said its medium-term conditional inflation forecast is slightly higher than last quarter, partly because the Swiss franc has weakened.
- The central bank said the main risk to Switzerland's outlook comes from developments in the global economy.
The Swiss National Bank kept rates unchanged at its Sept. 24 meeting, saying price pressures remained subdued and the franc still shaped the inflation outlook. Inflation moved only modestly higher, from 0.6% in May to 0.8% in August, and the SNB said higher oil-product prices helped push goods inflation back into positive territory. SNB monetary policy assessment
The central bank said its medium-term conditional inflation forecast is slightly higher than in the previous quarter, reflecting among other things the weaker Swiss franc. It also said the global economy remains the main risk for Switzerland's outlook. SNB monetary policy assessment
This was the second straight hold at 0% after the SNB left policy unchanged in June and said then that policy remained expansionary, with real interest rates negative and the risk of strong franc appreciation still elevated. The bank says exchange-rate moves have a major effect on the economy, and that lower rates can reduce demand for francs, while foreign-exchange intervention remains part of its toolkit. June summary SNB on monetary policy implementation
Markets had largely expected no change. Reuters reported that the franc weakened after the decision, while ING said ahead of the meeting that Swiss inflation was being held down by currency strength and forecast the SNB would stay on hold. Reuters via Fidelity ING preview
By the numbers
- 0% - The SNB's policy rate, held unchanged on Sept. 24, 2026.
- 0.6% to 0.8% - Inflation rose from May to August, according to the SNB.
Yes, but: The franc's latest move was reported through Reuters via a third-party link, and the market reaction is less useful than the SNB's own assessment unless paired with a direct price move.