The Swiss National Bank (SNB) has left its policy rate unchanged at 0% at its monetary policy assessment on September 24, 2026, while noting that inflation has increased further, mainly because of higher energy prices.
The central bank said medium-term inflationary pressure has increased only slightly and maintained that its current monetary policy remains appropriate for keeping inflation within the range consistent with price stability.
The SNB also reiterated that it is prepared to intervene in the foreign exchange market if necessary to maintain appropriate monetary conditions.
SNB Keeps Policy Rate at 0%
The SNB decided to leave its policy rate at 0%, maintaining the same level used in its previous monetary policy assessment.
Banks’ sight deposits held at the SNB will continue to be remunerated at the policy rate up to a specified threshold. The discount applied to sight deposits above that threshold remains at 0.25 percentage points.
The central bank also maintained its willingness to operate in the foreign exchange market if necessary.
The decision keeps Switzerland’s monetary policy highly accommodative even as inflation has moved higher in recent months.
Swiss Inflation Rises to 0.8%
Swiss inflation increased from 0.6% in May to 0.8% in August, according to the SNB.
The central bank said the increase was primarily linked to higher goods inflation. Goods inflation turned positive in August for the first time since May 2024, with higher prices for oil products making a significant contribution.
The latest inflation figures therefore continue to show the importance of energy prices for Switzerland’s near-term inflation outlook.
This development is also relevant to broader Macroeconomic News, as changes in energy prices can affect both inflation and economic growth.
SNB Expects Inflation to Rise Further Before Easing
The SNB’s conditional inflation forecast indicates that inflation is likely to increase somewhat further during the fourth quarter of 2026 before declining over the course of 2027.
The expected decline is largely based on the assumption that the current increase in energy inflation will ease in the coming quarters.
The central bank’s latest average annual inflation forecasts are:
| Year | SNB Inflation Forecast |
|---|---|
| 2026 | 0.7% |
| 2027 | 0.8% |
| 2028 | 0.8% |
The September forecast is higher in the short term than the previous assessment, mainly because oil-product prices have been higher than expected.
The medium-term forecast is also slightly higher, with the SNB pointing partly to the weakening Swiss franc as a factor.
Despite the upward revisions, the SNB said its conditional inflation forecast remains within the range consistent with price stability throughout the forecast period.
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Global Economy Faces Higher Inflation and Geopolitical Risks
The SNB said global economic growth was stronger than expected in the second quarter.
However, inflation remains above central-bank targets in many economies, particularly because of higher energy prices. The central bank noted that key interest rates have been raised in both the euro area and the United States.
Looking ahead, the SNB expects global economic growth to remain moderate over the coming quarters, while inflation is likely to stay elevated for some time.
The central bank highlighted the Middle East as a major source of uncertainty. A further increase in energy prices could push inflation higher while simultaneously putting significant pressure on global economic growth.
The trade-policy environment is another source of uncertainty.
Swiss Economy Shows Strong Q2 Growth
Switzerland’s economy recorded exceptionally strong growth in the second quarter.
However, the SNB cautioned that the headline GDP figure overstated the underlying growth momentum because of unusually strong performance in the chemicals and pharmaceuticals industry.
Even after accounting for that effect, the central bank said economic growth remained solid and broad-based.
At the same time, capacity utilisation remained below average, particularly in manufacturing, while unemployment increased somewhat through early summer.
SNB Expects Moderate Economic Growth
The SNB expects the Swiss economy to expand at a moderate pace over the coming quarters.
Growth should continue to receive support from foreign demand, while monetary policy and the recent depreciation of the Swiss franc are also expected to provide support.
For 2026, the SNB currently forecasts economic growth between 1.5% and 2%.
For 2027, the central bank continues to expect growth of around 1.5%.
| Indicator | SNB Outlook |
|---|---|
| 2026 GDP growth | 1.5%–2% |
| 2027 GDP growth | Around 1.5% |
| Policy rate | 0% |
| 2026 inflation | 0.7% |
| 2027 inflation | 0.8% |
| 2028 inflation | 0.8% |
What the SNB Decision Means for the Swiss Franc
The decision to keep rates at 0% was broadly consistent with the SNB’s current inflation outlook, but the bank’s comments on inflation, energy prices and the Swiss franc remain important for CHF traders.
The SNB specifically noted that the weaker franc has contributed to a slightly higher medium-term inflation forecast.
At the same time, the central bank’s willingness to intervene in foreign exchange markets remains an important consideration for traders watching USD/CHF and EUR/CHF.
For the latest developments in central-bank policy and their effect on currencies, traders can follow the site’s Central Banks and Market Analysis coverage.
Middle East and Energy Prices Remain Key Risks
The SNB identified developments in the global economy as the main risk to Switzerland’s economic outlook.
The situation in the Middle East is particularly important because a further escalation could push energy prices significantly higher.
Higher energy prices could create a difficult combination for central banks: stronger inflation pressure alongside weaker economic growth.
The SNB also highlighted trade policy and exchange-rate developments as continuing sources of uncertainty.
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SNB Monetary Policy Remains Focused on Price Stability
Despite the recent increase in inflation, the SNB continues to view its current monetary policy as appropriate.
The central bank’s latest projections show inflation remaining relatively low by international standards, with average annual inflation forecast at 0.7% in 2026, 0.8% in 2027 and 0.8% in 2028.
The decision therefore leaves the policy rate unchanged while the SNB monitors energy prices, global growth, exchange rates and geopolitical risks.
The official SNB assessment confirms that the bank is maintaining a 0% policy rate and remains prepared to use foreign-exchange market operations if necessary.
Conclusion
The Swiss National Bank kept its policy rate unchanged at 0% on September 24, while Swiss inflation increased to 0.8% in August from 0.6% in May. The SNB expects inflation to rise somewhat further in the near term before easing during 2027, while Swiss GDP growth is projected at 1.5%–2% for 2026 and around 1.5% for 2027.
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Market Impact
The SNB’s decision to keep rates at 0% is broadly supportive of a low-rate environment for CHF, while the higher inflation forecast and weaker franc create a more complicated outlook. For USD/CHF and EUR/CHF, traders will focus on the SNB’s FX-intervention stance, energy prices and the interest-rate gap with the Fed and ECB; after the decision, USD/CHF moved higher toward 0.8269, according to market reporting.
FAQ
What is the SNB interest rate?
The SNB policy rate is currently 0%.
Did the SNB change interest rates in September 2026?
No. The Swiss National Bank left its policy rate unchanged at 0%.
Why did the SNB keep rates at 0%?
The SNB said its current monetary policy remains appropriate for maintaining price stability and supporting economic development.
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