Part of Global Central Bank Rates on BankofCanadaOdds.com.
Swiss National Bank Policy Rate (Switzerland)
- Last updated: — policy rate data and historical series refreshed automatically each day.
The Swiss National Bank (SNB) sets the SNB policy rate to steer short-term Swiss franc (CHF) money market conditions and keep inflation consistent with its definition of price stability. Because Switzerland is a small open economy and the CHF is a global safe-haven currency, SNB decisions can influence domestic borrowing conditions, CHF exchange rates, and broader risk sentiment.
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Note: The SNB Policy Rate is the benchmark interest rate set by the Swiss National Bank. It serves as the target for short-term secured money market rates (specifically SARON) and is the primary tool used to ensure price stability and manage the valuation of the Swiss franc.
What is the SNB policy rate?
The SNB policy rate is Switzerland’s key monetary policy rate. The SNB implements monetary policy by steering short-term interest rates in the Swiss franc money market, with a focus on keeping overnight rates aligned with its policy stance.
Who decides the rate and what they’re trying to achieve?
The Swiss National Bank sets monetary policy to ensure price stability, while taking economic developments into account. The SNB defines price stability as an annual rise in the Swiss CPI of less than 2%, and notes that sustained deflation also violates price stability.
Why track global policy rates?
Currency movements
Policy-rate differences between countries can drive capital flows, influencing exchange rates as investors seek higher expected returns.
Credit and funding conditions
Central bank rates affect short-term funding costs, which feed through to loans, bonds, and broader credit markets.
Market valuation cycles
Shifts in policy rates change discount rates and growth expectations, influencing equities, housing markets, and commodity prices.
Canada callout (Switzerland-specific):
For Canadians, the SNB matters because CHF moves often reflect shifts in global risk appetite. During risk-off periods, safe-haven flows into CHF can signal tighter global financial conditions, which can influence CAD sentiment and cross-border funding expectations.
Related Swiss benchmark rates
SARON (Swiss Average Rate Overnight)
SARON is the main CHF overnight reference rate for secured money market transactions and is widely used across Swiss lending and financial products. It reflects real overnight funding conditions in Swiss francs.
- Frequently Asked Questions
Central Bank Rates
FAQs
It is Switzerland’s key policy rate used to steer short-term CHF money market conditions.
The Swiss National Bank sets monetary policy and decides the SNB policy rate.
The SNB defines price stability as Swiss CPI inflation of less than 2% per year, and it also views sustained deflation as inconsistent with price stability.
The SNB uses tools such as open market operations, standing facilities, and the remuneration of sight deposits to influence money market conditions.
SARON is the main CHF overnight reference rate for secured transactions and is widely used as a benchmark across Swiss financial products.
Rate expectations can shift capital flows and change the appeal of CHF assets relative to other currencies, influencing the exchange rate and financial conditions.
On December 11, 2025, the SNB left the SNB policy rate unchanged at 0%.
Some sources display the meeting announcement date, while others show the effective date or the series publication timing. Differences are typically methodological.
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