In its monetary policy assessment on 25 September 2025, the Swiss National Bank (SNB) decided to leave its policy rate at 0 percent. This means savings and financing conditions for private customers will remain largely unchanged.
In the view of Philipp Merkt, Chief Investment Officer (CIO) at PostFinance, the decision is easy to understand:
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Stable inflation: SNB maintains zero interest rate for now
25. September 2025
Low inflation has stabilized recently, while the interest differential with the major central banks remains significant. This is why there was no pressing need for another rate cut.
Having continuously weakened since early 2023 and fallen back into negative territory in May, inflation in Switzerland has shown signs of stabilizing slightly in recent months. This has reduced any risk of deflation in the near future. Nevertheless, a further policy rate cut in the coming months cannot be ruled out, as Merkt emphasizes:
Given the fragile economic situation and the risk of inflation falling further, pressure on the SNB to introduce negative interest rates is likely to grow again in the medium term.
The severe burden of tariffs on the export industry in the key US market is likely to slow economic growth considerably in the coming quarters. At the same time, with another fall in the reference interest rate, further rent reductions lie ahead. Downward adjustments to other administered prices such as electricity are also expected in early 2026. These are all factors that put additional downward pressure on inflation and could prompt the SNB to cut interest rates again.
Philipp Merkt
Chief Investment Officer