Swiss National Bank Keeps Policy Rate at 0%

Source: Dukascopy Bank SA
The Swiss National Bank (SNB) has decided to leave its policy rate unchanged at 0%. Banks' sight deposits up to a certain threshold will continue to earn interest at this rate, while deposits above the threshold face a 0.25 percentage point discount. The SNB also remains ready to intervene in the foreign exchange market if needed.



Inflation in Switzerland has risen slightly, from -0.1% in May to 0.2% in August, mainly due to higher costs in tourism and imported goods. Overall inflationary pressure remains stable, with the SNB projecting average annual inflation of 0.2% for 2025, 0.5% for 2026, and 0.7% for 2027, assuming the policy rate stays at 0%. Global economic growth has slowed, influenced by US tariffs and ongoing uncertainty. The SNB expects subdued growth worldwide in the coming quarters, with US inflation remaining elevated while euro area inflation stays near target. Switzerland's GDP grew weakly by 0.5% in Q2 2025, following strong growth in Q1 driven by pharmaceuticals. The services sector supported the economy, but unemployment has risen. The SNB now expects Swiss GDP growth of 1% to 1.5% for 2025 and just under 1% for 2026, with risks mainly from US trade policy and global developments. Overall, moderate growth is expected, but uncertainty remains high, and unemployment may continue to rise.
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