Loading tools
CHF · ZurichThe next monetary policy meeting of the Swiss National Bank (SNB) will take place on Thursday 10 December 2026. Its SNB policy rate stands at 0.00%, at this level since 20 June 2025.
The Swiss National Bank meets only four times a year and targets inflation below 2%. It also intervenes directly in the currency market to curb the franc's appreciation.
Updated on · sources: the central bank, the BIS and the national statistics office
Last move
↓ Cut
le 20 June 2025
Annual inflation
n/a
Target: Below 2%, without deflation (CPI)
Next decision
10 December
in 48 days
The franc is a safe haven: the SNB often acts against its rise, through rates or interventions. Below, the rate the market expects after each meeting, and the probabilities of a hike, a hold or a cut, derived from today's OIS swaps.
How the projections are calculated is for members only
This tool is included in full access and in the terminal-only plan. The other tools on this page remain free to view.
Decision dates published by the bank. For two-day meetings, the date shown is the announcement day.
All eight banks on a single calendar: central bank calendar.
Five years of decisions: each step in the chart is a rate change. Source: Bank for International Settlements.
| Effective date | SNB policy rate | Change |
|---|---|---|
| 27 June 2025 | 0.00 % | −25 bp |
| 21 March 2025 | 0.25 % | −25 bp |
| 13 December 2024 | 0.50 % | −50 bp |
| 7 October 2024 | 1.00 % | −25 bp |
| 1 July 2024 | 1.25 % | −25 bp |
| 25 March 2024 | 1.50 % | −25 bp |
| 23 June 2023 | 1.75 % | +25 bp |
| 28 March 2023 | 1.50 % | +50 bp |
| 20 December 2022 | 1.00 % | +50 bp |
| 3 October 2022 | 0.50 % | +75 bp |
| 27 June 2022 | -0.25 % | +50 bp |
Governing Board
3 voters · 4 meetings a year · Zurich and Bern
Only three members, deciding collectively. It's the smallest of the eight committees, and it only meets four times a year.
No vote published
No vote is published and collegiality is the rule: the decision is read in its statement, not in a balance of forces.
