Central Bank remains on hold: At its meeting on 17–18 July, the Monetary Policy Committee of the National Bank of...
SNB Policy Rate in Switzerland
The SNB Policy Rate (%, eop) ended 2024 at 0.50%, down from the 1.75% end-2024 value and up from the reading of -0.25% a decade earlier. For reference, the average interest rate in was % at end-2024. For more information on interest rate, visit our dedicated page.
Switzerland Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Switzerland from 2014 to 2024.
Source: Macrobond.
Switzerland Interest Rate Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| SNB Policy Rate (%, eop) | -0.75 | -0.75 | 1.00 | 1.75 | 0.50 |
| 10-Year Bond Yield (%, eop) | -0.53 | -0.13 | 1.57 | 0.66 | 0.32 |
Swiss National Bank decreases rates in June
Latest bank decision: At its meeting on 19 June, the Swiss National Bank (SNB) lowered the policy rate by 0.25 percentage points to 0.00%.
Weak inflation drives decision: The key domestic factor influencing the SNB's decision was weak headline and core inflation—both have tracked below 1.0% for months, with headline inflation turning negative in May. Moreover, the Bank forecasts headline inflation to remain close to 0% in the coming quarters.
Policy outlook: The SNB stated its willingness to adjust its monetary policy as necessary to ensure inflation remains in line with the target of being positive but below 2.0%. Some panelists see rates on hold for the remainder of the year, though several others see a final 25 basis-point cut in order to support price pressures.
Panelist insight: ING’s Charlotte de Montpellier said: “Unless the situation changes drastically between now and September, for example as a result of a sharp weakening of the Swiss franc or a very sharp rise in the price of oil products in Swiss francs, today's decision paves the way, in our view, for a further rate cut in September and a return to negative interest rates.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Swiss interest rate projections for the next ten years from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Swiss interest rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Swiss interest rate projections.
Want to get access to the full dataset of Swiss interest rate forecasts? Send an email to info@focus-economics.com.
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