No pressure to take action: SNB keeps policy rate at 0 percent

In its monetary policy assessment on 24 September 2026, the Swiss National Bank (SNB) left its policy rate unchanged at 0 percent. By doing so, it is maintaining its previous monetary policy stance. Philipp Merkt, Chief Investment Officer (CIO) at PostFinance, explains the decision:

Although inflation recently rose slightly to 0.8 percent, it remains well within the SNB’s target range. The increase is also mainly due to higher energy and import prices, while domestic price pressure is still low. This means there is currently no immediate need for action in relation to inflation.

The economic situation has now improved. The Swiss economy gained significant momentum over the course of the year and returned to strong growth. The recent weakening of the Swiss franc is easing the strain on export-oriented companies. This reduces the need to support the economy with a zero interest rate environment. At the same time, the interest rate hikes by the major central banks have widened the interest rate differential with Switzerland. This gives the SNB additional room for manoeuvre: it could raise the policy rate without putting additional upward pressure on the Swiss franc in the short term. Merkt believes this means the monetary policy assessment could shift over the coming months:

Very low interest rates increase the incentive to take on debt and can encourage risk-taking on the financial and real estate markets. For the time being, however, zero interest rates are here to stay. It means the conditions for savings and financing transactions remain largely stable.