Current Swiss National Bank policy rate and upcoming assessment dates.
| Assessment | Decision | Policy rate |
|---|---|---|
| Mar 19 | Maintained | 0.00 % |
| Jun 18 | Maintained | 0.00 % |
| Sep 24 | Next | — |
| Dec 10 | — | — |
Each quarterly assessment includes the SNB's conditional inflation forecast.
Every Swiss National Bank decision moves the franc. The SNB sets a single policy rate and, unusually, also intervenes directly in the foreign-exchange market to curb excessive appreciation of the Swiss franc, a classic safe-haven currency. A rate cut or the threat of intervention tends to weaken the franc, while a hike or a hawkish forecast strengthens it. Each quarterly assessment also publishes a conditional inflation forecast that shapes expectations for the next move. The markets most sensitive to these decisions are USD/CHF, EUR/CHF and the SMI.
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FREE TRIAL →The Swiss National Bank (SNB) is Switzerland’s central bank. Monetary policy is set by its three-member Governing Board. It holds four monetary policy assessments a year (March, June, September and December), each producing a rate decision and a conditional inflation forecast.
The SNB policy rate is currently 0%. The Governing Board left it unchanged at 0% at both the 19 March and 18 June 2026 assessments. It is the SNB’s single policy rate, used to steer money-market rates; banks’ sight deposits at the SNB are remunerated at this rate up to a certain threshold.
The SNB publishes its decision four times a year at 9:30 AM CET on a Thursday, together with the conditional inflation forecast. A news conference follows at 10:00 AM, broadcast live on the SNB website, and often moves the franc more than the decision itself.
At every assessment, the SNB publishes a conditional inflation forecast: its view of inflation over the next three years, assuming the policy rate stays unchanged. In June 2026 it put inflation at 0.6% for 2026, 0.6% for 2027 and 0.7% for 2028. This forecast is the clearest guide to the likely path of the policy rate.
Unlike most central banks, the SNB steers more than just the policy rate: when needed, it also intervenes directly in the foreign-exchange market. This curbs a rapid and excessive appreciation of the Swiss franc, a classic safe-haven currency, which would jeopardise price stability. That willingness to intervene makes the franc especially sensitive to SNB signals.
The policy rate anchors Swiss money-market rates and, above all, drives the franc. A rate cut or the threat of intervention tends to weaken the franc, while a hike or a hawkish forecast strengthens it. The markets most sensitive to SNB decisions are USD/CHF, EUR/CHF and the SMI, Switzerland’s blue-chip index.
No. Unlike the Fed, the Bank of Japan or the Bank of England, the SNB’s Governing Board decides collegially and does not publish a vote tally, so there is no breakdown of individual votes. Since September 2025, however, the SNB publishes a summary of the discussion four weeks after each decision.
To understand what happens on the charts when these decisions land, and how to manage the risk around them, see our guide to trading central bank decisions.
