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SNB Holds Policy Rate at 0% Amid Energy-Driven Inflation

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The Swiss National Bank (SNB) decided on 24 September 2026 to leave its policy rate unchanged at 0%, maintaining the sight deposit discount at 0.25 percentage points above the threshold and reaffirming its readiness to intervene in the foreign exchange market as necessary. Driven largely by higher oil and energy prices, Swiss inflation rose to 0.8% in August 2026. The conditional inflation forecast, predicated on a 0% policy rate, was revised slightly upward across the horizon due to elevated oil costs and a weaker Swiss franc, with average annual inflation projected at 0.7% for 2026 and 0.8% for both 2027 and 2028, remaining comfortably within the range of price stability.




Economic activity in Switzerland posted exceptionally strong GDP growth in the second quarter of 2026, lifted heavily by the chemicals and pharmaceuticals industry, though broader growth was solid despite below-average manufacturing capacity utilization and a slight uptick in unemployment. Supported by the weaker franc and foreign demand, the SNB projects annual domestic GDP growth of 1.5% to 2% for 2026 and around 1.5% for 2027, alongside moderate global expansion.
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