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# Swiss National Bank holds policy rate at zero as inflation rises
- URL: https://www.theglobalbanker.com/swiss-national-bank-held-policy-rate-at-zero-as-inflation-rose/
- Published: 2026-09-24T14:38:03.000Z
- Updated: 2026-10-02T01:31:51.000Z
- Description: The Swiss National Bank kept its policy rate at 0%, raised its 2026 inflation forecast to 0.7% and projected economic growth between 1.5% and 2%.
- Author: TGB Editorial Team
- Tags: Central Banks, Europe

The Swiss National Bank kept its policy rate at 0% on 24 September, maintaining borrowing costs at zero for a fifth consecutive quarterly decision. It said the stance remained appropriate for price stability and economic development. The central bank also retained its willingness to intervene in foreign-exchange markets when necessary.

Swiss inflation rose to 0.8% in August from 0.6% in May, mainly because of higher energy prices. The SNB said goods-price inflation turned positive for the first time since May 2024\. It expects inflation to increase further in the fourth quarter before easing during 2027.

#### FORECASTS MOVED HIGHER

The bank raised its average inflation forecast for 2026 to 0.7%, from 0.6% in its June assessment. It projected inflation of 0.8% in both 2027 and 2028\. The forecast assumes the policy rate remains at 0% throughout the projection period.

The SNB now expects Switzerland’s economy to expand between 1.5% and 2% in 2026, followed by growth of about 1.5% in 2027\. It cited considerable uncertainty around the outlook, including the Middle East conflict, global growth, trade policy and exchange-rate movements.

#### CURRENCY POLICY REMAINS ACTIVE

Sight deposits up to each bank’s threshold continue to be remunerated at the policy rate. Balances above the threshold receive a rate 0.25 percentage points lower. That tiered framework helps the SNB steer short-term secured money-market rates close to its policy rate.

The SNB said the recent depreciation of the Swiss franc was supporting growth and had contributed to a slightly higher medium-term inflation forecast. The next scheduled policy decision is due on 10 December, while the SNB’s quarterly bulletin is scheduled for 30 September.