Latest bank decision: At its August meeting, the Central Bank decided to hold the cash rate at 4.35%, following three...
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 2025.
Source: Macrobond.
Switzerland Interest Rate Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| SNB Policy Rate (%, eop) | -0.75 | 1.00 | 1.75 | 0.50 | 0.00 |
| 10-Year Bond Yield (%, eop) | -0.13 | 1.57 | 0.66 | 0.32 | 0.33 |
Swiss National Bank holds rates in June
Latest bank decision: At its meeting on 18 June, the Swiss National Bank (SNB) held the policy rate at 0.00%.
SNB in wait-and-see mode: The Bank’s decision to hold was likely motivated by the desire to assess the impact of the 175 basis points of rate cuts implemented since early last year. Inflation is currently low but positive, with elevated international uncertainty driven by geopolitical volatility in the Middle East a further reason to stay on hold.
Bank likely to remain on hold: All panelists predict rates will stay unchanged until end-2026, given moderate inflation and economic growth should provide little pressure to hike or cut.
Panelist insight: ING’s Charlotte de Montpellier said: “[The] decision confirms that the Swiss National Bank remains in a relatively comfortable position and arguably more so than most other central banks. This is likely to remain the case in the coming months. As a result, the SNB can afford to stay on hold and we expect this to remain the case over the coming years.”
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 17 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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