The Swiss National Bank left its policy rate unchanged at 0.00% at its September 2025 monetary policy assessment, delivering the first pause in a rate cycle that had produced six consecutive reductions stretching back to March 2024. The decision was announced on 25 September in Zurich.
Policymakers cited the potential impact of United States tariffs on Swiss exports as a key risk weighing on the economic outlook.
SIX CUTS IN SEQUENCE SINCE MARCH 2024
The SNB began lowering rates in March 2024. Five of the six reductions were 25 basis points and one, in December 2024, was 50 basis points, bringing the benchmark from 1.75% down to zero by June 2025.
Having reached the zero lower bound in June, the SNB paused rather than entering sub-zero territory in September — a zone the bank had navigated for several years before exiting in 2022 following the global surge in inflation.
US TARIFF RISK
The SNB singled out the machinery and watchmaking industries among Swiss exporters exposed to US tariff measures.