The SNB kept interest rates at 0% and warned of potential FX intervention to prevent excessive Swiss franc appreciation, as the bank balances resilient domestic growth against global geopolitical risks.
The SNB left its policy rate at 0% on 18 June 2026 and stressed an increased willingness to intervene in the FX market to counter a rapid and excessive appreciation of the Swiss franc. That explicit intervention threat caps further franc strength, especially with inflation forecast at only 0.6% for 2026 and 2027 and 0.7% for 2028, which leaves no case for rate hikes. The cap is conditional, and the SNB itself warns upward pressure on the franc could increase again if the Middle East situation worsens.
The SNB says it has an increased willingness to intervene in the foreign exchange market to counter a rapid and excessive appreciation of the Swiss franc, which effectively caps how far the currency can rise.
No. The policy rate was left unchanged at 0%, and sight deposits are remunerated at the policy rate up to a threshold, with a discount of 0.25 percentage points above it.
The Swiss National Bank maintained its policy rate at 0% on 18 June 2026, citing stable medium-term inflation expectations. To combat excessive currency appreciation, the central bank signaled an increased readiness to intervene in foreign exchange markets. Officials noted that while inflation rose to 0.6% due to energy costs, the outlook remains within the target range for the next three years.
The SNB says it has an increased willingness to intervene in the foreign exchange market to counter a rapid and excessive appreciation of the Swiss franc, which effectively caps how far the currency can rise.
No. The policy rate was left unchanged at 0%, and sight deposits are remunerated at the policy rate up to a threshold, with a discount of 0.25 percentage points above it.