Switzerland policy interest rate
The Swiss National Bank policy rate — the SNB's single key interest rate, targeted for secured short-term money-market rates (SARON). Set by the SNB Governing Board at its quarterly monetary policy assessments (March, June, September, December) under Art. 5 of the National Bank Act (NBG). Switzerland has its own central bank and currency (CHF) — it is NOT in the eurozone.
| Current value | 0 percent |
|---|---|
| In force from | 2025-06-20 |
| Official source | SNB — Monetary policy assessment of 19 June 2025: 'The Swiss National Bank is lowering the SNB policy rate by 0.25 percentage points to 0%. The new policy rate applies from tomorrow, 20 June 2025.' |
| Last verified | 2026-07-23 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
Cut to 0.00% on 19 June 2025 (effective 20 June 2025), from 0.25% — the sixth consecutive cut of the 2024-25 easing cycle. Full path: 1.75% (held since 22 Jun 2023) -> 1.50% (21 Mar 2024) -> 1.25% (21 Jun 2024) -> 1.00% (27 Sep 2024) -> 0.50% (a 50bp cut, 13 Dec 2024) -> 0.25% (21 Mar 2025) -> 0.00% (20 Jun 2025). The SNB then HELD at 0.00% at all three subsequent assessments: 25 Sep 2025, 17-18 Mar 2026 and 18 Jun 2026 (the latest decision, unchanged at 0%). NEGATIVE RATES: the SNB has NOT re-introduced negative policy rates and, in its June 2026 assessment, did not signal an imminent cut below zero; it describes policy as expansionary and stresses readiness to intervene in the foreign-exchange market as its first lever. However negative rates remain explicitly in the toolkit and the door is left open — the IMF (June 2026) urged the SNB to stay ready to move either up or down from the zero lower bound, and the SNB's tiered remuneration already applies a 0.25 percentage-point discount on banks' sight deposits above a threshold (an effectively negative return on excess reserves) even while the headline rate is 0%. Do NOT confuse the 0% headline rate with a genuinely negative policy stance: the last time the SNB ran a negative policy rate was -0.75% until Sep 2022. SNB decision archive: https://www.snb.ch/en/the-snb/mandates-goals/monetary-policy/decisions
Earlier values
| From | Value | Source |
|---|---|---|
| 2018-01-01 | -0.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-06-17 | -0.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-09-23 | 0.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-12-16 | 1 | Bank for International Settlements - Central Bank Policy Rat |
| 2023-03-24 | 1.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2023-06-23 | 1.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2024-03-22 | 1.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2024-06-21 | 1.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2024-09-27 | 1 | SNB — Monetary policy assessment of 26 September 2024 (cut 2 |
| 2024-12-13 | 0.5 | SNB — Monetary policy assessment of 12 December 2024: 'The S |
| 2025-03-21 | 0.25 | SNB — Monetary policy assessment of 20 March 2025: 'The Swis |
Get it programmatically
curl https://euroref.dev/v1/ch/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://euroref.dev/v1/ch/policy-rate/history?from=2020-01-01
# Provenance: curl https://euroref.dev/provenance/ch/policy-rateOther Switzerland series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates