Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. If necessary, we have an increased willingness to intervene in the foreign exchange market. We thereby counter a…
The SNB is institutionally sound and on a solid footing. Its unique legal form, that of a special-statute joint-stock company administered with the participation and under the oversight of the Confederation, has remained unchanged since its foundation. This special institutional structure contributes significantly to the SNB's independence and stability. The shareholder structure is characterised…
The world is going through a period of great uncertainty. As a central bank, we have to accept this as it is - and deal with the uncertainty. The past 25 years have seen several phases of great uncertainty. Nevertheless, the SNB has achieved its objective of price stability. The Swiss economy has also developed favourably overall. We were able to do so because three prerequisites for our work were…
Payments are the backbone of a modern economy. Virtually no goods would change hands and virtually no services would be provided in today's world without a functioning payments system. From a macroeconomic perspective, resilience and efficiency are the overarching objectives in the payments system. Payment methods must be secure and, where possible, available continuously; and they must be…
Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. Given the conflict in the Middle East, our willingness to intervene in the foreign exchange market has…
Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. We remain willing to be active in the foreign exchange market as necessary. Inflation in recent months has been…
At its monetary policy assessment in September 2025, the Swiss National Bank decided to leave its policy rate at 0%. The SNB also indicated that it remains willing to be active in the foreign exchange market as necessary. The SNB makes monetary policy decisions, such as that taken in September, at its monetary policy assessments. These take place in March, June, September and December. Every…
Since the beginning of 2024, the SNB has lowered its policy rate by 1.75 percentage points. This has led to lower financial market and lending rates. Nevertheless, bank funding costs, as measured by swap spreads, have increased. The main reasons for this are the rise in foreign government bond yields relative to swap rates, the structural change following the acquisition of Credit Suisse by UBS,…
