The Swiss National Bank cut its policy rate by 25 basis points to 0.00% at its June 2025 monetary policy assessment, bringing the benchmark to zero and marking the sixth consecutive reduction since the SNB began its easing cycle. The decision, announced on Thursday in Zurich, reflected the bank's assessment that inflation had not only subsided from the elevated levels seen in prior years but had slipped into negative territory, with Swiss consumer prices falling 0.1% in May 2025.
The SNB stated that it remained prepared to take further action if conditions warranted, and did not rule out a return to negative rates — a tool the bank deployed for several years before exiting in 2022 amid the global surge in inflation.
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The central bank said it would continue to monitor developments in inflation and the exchange rate closely, and that it remained willing to intervene in foreign exchange markets if necessary to ease upward pressure on the franc.