Switzerland Interest Rate 2000-2015 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Switzerland was last recorded at -0.75 percent. Interest Rate in Switzerland averaged 1.08 percent from 2000 until 2015, reaching an all time high of 3.50 percent in June of 2000 and a record low of -0.75 percent in January of 2015. Interest Rate in Switzerland is reported by the Swiss National Bank.

Switzerland Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
-0.75 -0.75 3.50 -0.75 2000 - 2015 percent Daily
In Switzerland, interest rates decisions are taken by the Swiss National Bank. The official interest rate is the three-month Swiss franc Libor. The SNB regulates the three-month Libor indirectly through its main financing and liquidity-absorbing operations, which comprise short-term repo transactions. This page provides - Switzerland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Switzerland Interest Rate - was last refreshed on Sunday, August 2, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-06-18 08:30 AM -0.75% -0.75% -0.75% -0.75%
2015-06-24 02:00 PM
2015-06-25 09:00 AM
2015-08-21 08:00 AM
2015-09-17 08:30 AM -0.75% -0.75%
2015-09-18 08:30 AM -0.75%

Switzerland Leaves Monetary Policy Unchanged

The Swiss National Bank left its deposit interest rate on hold at record low of -0.75 percent in June to protect the franc. The decision was widely expected by markets.

Excerpts from the SNB press release:

The Swiss National Bank (SNB) is leaving the target range for the three-month Libor unchanged at between −1.25% and –0.25%. The interest rate on sight deposits at the SNB remains at –0.75%. Negative interest rates in Switzerland make holding investments in Swiss francs less attractive and will help to weaken the Swiss franc over time. Overall, the Swiss franc is significantly overvalued. The SNB takes account of the exchange rate situation, and its impact on inflation and economic developments, in formulating its monetary policy. It will therefore remain active in the foreign exchange market, as necessary, in order to influence monetary conditions.

The new conditional inflation forecast does not differ greatly from the one we presented in March. Inflation will reach its low point in the third quarter of 2015, at –1.2%. For the subsequent period, the new inflation forecast is slightly higher than in March due to the rise in oil prices. The forecasts for 2015 and 2016 are up slightly, by 0.1 percentage points to –1.0% for 2015 and to –0.4% for 2016. The forecast continues to indicate that inflation will move back into positive territory at the beginning of 2017; there will be a slight slowdown in the rate of increase as the year progresses. The inflation forecast for 2017 is down by 0.1 percentage points, to 0.3%. The conditional forecast assumes that the three-month Libor will remain at –0.75% over the entire forecast horizon, and that the Swiss franc will weaken.

The global economy is expected to gather pace again, reinforced by expansionary monetary policy around the world and ongoing low oil prices. Nonetheless, uncertainty about the future development of the global economy remains high. Various risks – first and foremost the difficult financial situation in Greece and geopolitical tensions – could jeopardise the recovery. 

According to initial estimates, Switzerland’s real GDP declined slightly in the first quarter. As expected, goods exports suffered from the strong Swiss franc appreciation, but also from a downturn in global trade. Domestic demand, by contrast, developed robustly. The situation varies considerably from one industry to another, however. Profit margins are under significant pressure in several sectors, and this is forcing companies to take steps to reduce production costs and raise efficiency. Against this backdrop, unemployment has increased slightly on a seasonally adjusted basis. 

Over the coming months, the global economic recovery is likely to lead to a gradual upturn in demand for Swiss products; this will cushion the impact of the exchange rate shock somewhat. As the global economy gathers momentum, we expect Switzerland to return to positive growth in the second half of the year. The SNB continues to anticipate growth of just under 1% for 2015 as a whole.

SNB | Joana Taborda | joana.taborda@tradingeconomics.com
6/18/2015 8:47:37 AM

Recent Releases

SNB Leaves Monetary Policy Unchanged
The Swiss National Bank left its deposit interest rate on hold at record low of -0.75 percent on March 19th to weaken the franc. The bank also lowered inflation and growth forecasts.
Published on 2015-03-19

Switzerland Discontinues Currency Ceiling; Cuts Rates
The Swiss National Bank decided on January 15th to abandon the minimum exchange rate of CHF 1.20 per euro, as recent euro fall has caused the Swiss franc to weaken against the USD. Policymakers also decided to lower the deposit rate by 50 bps to -0.75 percent.
Published on 2015-01-15

Switzerland Introduces Negative Interest Rate
The Swiss National Bank decided to move to a deposit rate of -0.25 percent effective January 22nd, aiming to cool franc appreciation. The target range for three-month Libor was expanded to a 100 bps band of -0.75 percent to 0.25 percent.
Published on 2014-12-18

Switzerland Leaves Monetary Policy Unchanged
The Swiss National Bank maintained its minimum exchange rate of CHF 1.20 per euro and left the target range for the three-month Libor unchanged at 0.0–0.25 percent, saying deflation risks have increased and the Swiss franc is still high. The central bank warned it is prepared to buy foreign currency in unlimited quantities to enforce the minimum exchange rate.
Published on 2014-12-11

Switzerland Money Last Previous Highest Lowest Unit
Interest Rate -0.75 -0.75 3.50 -0.75 percent [+]
Interbank Rate -1.01 -1.04 11.50 -1.25 percent [+]
Money Supply M0 453332.00 446244.00 453332.00 5475.00 CHF Million [+]
Money Supply M1 568129.00 568698.00 577761.00 89321.00 CHF Million [+]
Money Supply M2 898612.00 901056.00 905543.00 198227.00 CHF Million [+]
Money Supply M3 953800.00 956730.00 958546.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 558467.90 560562.50 566643.70 65200.50 CHF Million [+]
Loans to Private Sector 1317447.00 1314936.00 1317447.00 348012.00 CHF Million [+]
Banks Balance Sheet 1848060.00 1845304.00 1848060.00 595832.00 CHF Million [+]
Central Bank Balance Sheet 577025.20 573294.00 584212.20 68322.20 CHF Million [+]

Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Jul/15 2.00 17.50 2.00 percent [+]
Brazil 14.25 Jul/15 13.75 45.00 7.25 percent [+]
Canada 0.50 Jul/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 4.85 percent [+]
Euro Area 0.05 Jul/15 0.05 4.75 0.05 percent [+]
India 7.25 Jun/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Jul/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Jul/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jul/15 3.00 9.25 3.00 percent [+]
Russia 11.00 Jul/15 11.50 17.00 5.00 percent [+]
South Korea 1.50 Jul/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jul/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jul/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jul/15 0.25 20.00 0.25 percent [+]