In its monetary policy assessment on 18 June 2026, the Swiss National Bank (SNB) decided to leave its policy rate unchanged at 0 percent. For Philipp Merkt, Chief Investment Officer (CIO) at PostFinance, this comes as no surprise given the stable situation:
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No pressure to take action: SNB keeps policy rate at 0 percent
18. June 2026
Switzerland is one of the few countries with sustainably stable prices. This gives the SNB leeway not to raise interest rates, despite a slight rise in inflation.
Inflation has increased moderately recently and stood at 0.6 percent in May. This means it remains clearly within the SNB’s target range and is significantly lower than the global average. The recent rise is mainly due to higher energy prices. There is currently no sign of widespread inflation across different sectors. For private customers, this means that savings and financing conditions remain stable.
However, Merkt does not rule out the possibility that the SNB may adjust its policy slightly in the medium term:
The SNB will have room for manoeuvre over the coming months as soon as other central banks tighten their monetary policy and continue to raise interest rates. It could then gradually move away from zero interest rates without widening the interest rate differential relative to the major central banks and, in turn, putting the Swiss franc under short-term upward pressure.
The recovery of the Swiss economy is also a reason why the SNB might take a first, cautious step towards raising interest rates. However, a significant rise in interest rates is not expected in the medium term either.
Philipp Merkt
Chief Investment Officer