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# Swiss National Bank Cuts Policy Rate by 25 Basis Points to 1.50%, Becoming First Major Central Bank to Ease in 2024
- URL: https://www.theglobalbanker.com/swiss-national-bank-cuts-policy-rate-25bp-1-50-first-major-central-bank-ease-2024/
- Published: 2024-03-21T10:38:00.000Z
- Updated: 2026-11-03T22:22:27.000Z
- Description: The SNB cut its policy rate to 1.50% on 21 March 2024, the first G10 central bank to reduce borrowing costs this year, as Swiss inflation fell to 1.2% — below the 2% ceiling.
- Author: TGB Editorial Team
- Tags: Central Banks, Europe, #archive

The Swiss National Bank cut its policy rate by 25 basis points to 1.50% on 21 March 2024, making it the first among major central banks to reduce borrowing costs this year. The move followed a further decline in Swiss inflation to 1.2% in February, below the SNB's 2% ceiling. 

The SNB's quarterly monetary policy assessment meeting, held in Zurich, concluded with the governing board deciding to reduce the rate from 1.75% to 1.50%. SNB Chairman Thomas Jordan confirmed the decision at the post-meeting press conference.

#### INFLATION AND PRICE STABILITY

The SNB's mandate centres on price stability, which the institution defines as annual inflation between 0% and 2%. 

The SNB moved ahead of the European Central Bank, the Federal Reserve, and the Bank of England, all of which remained on hold at their most recent meetings.