Swiss National Bank keeps policy rate unchanged at 0%

International Economy Economy & Banking

Swiss National Bank keeps policy rate unchanged at 0%

24 September 2026

The Swiss National Bank (SNB) left the SNB policy rate unchanged at 0% in its monetary policy assessment of 24 September 2026. The discount on banks' sight deposits above a threshold stays at 0.25 percentage points, and the SNB remains willing to act in the foreign exchange market as necessary. Swiss inflation rose from 0.6% in May to 0.8% in August, mainly because of higher prices for oil products. The conditional inflation forecast puts average annual inflation at 0.7% for 2026, 0.8% for 2027 and 0.8% for 2028. The SNB expects GDP growth of between 1.5% and 2% in 2026 and around 1.5% in 2027, and named the situation in the Middle East as the main source of uncertainty.

SNB policy rate: 0% (unchanged) Inflation, August 2026: 0.8% Inflation forecast 2026 / 2027 / 2028: 0.7% / 0.8% / 0.8% GDP growth forecast 2026: 1.5% to 2%

Why it matters for exams: Central-bank policy rates of major economies, and why energy prices move inflation, are regular economy questions.

Kerala PSCUPSC

24 September 2026 Source: Swiss National Bank

In plain words

SNB Swiss National Bank — Switzerland's central bank, responsible for monetary policy and the Swiss franc.

Sight deposits — Balances that commercial banks hold at the central bank and can withdraw at any time.

Conditional inflation forecast — An inflation projection that assumes the policy rate stays at a given level.