Switzerland Interest Rate

The benchmark interest rate in Switzerland was last recorded at 0 percent. Interest Rate in Switzerland averaged 1.18 Percent from 2000 until 2014, reaching an all time high of 3.50 Percent in June of 2000 and a record low of 0.00 Percent in August of 2011. Interest Rate in Switzerland is reported by the Swiss National Bank.


Switzerland Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 3.50 0.00 2000 - 2014 Percent Monthly
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.

Switzerland Leaves Monetary Policy Unchanged

At its June 19th, 2014 meeting, the Swiss National Bank left the target range for the three-month Libor on hold at 0.0–0.25 percent and maintained its minimum exchange rate unchanged at CHF 1.20 per euro. While citing concerns about volatility on the financial and foreign exchange markets, the central bank increased its inflation forecast for 2014.

Excerpts from the SNB Monetary Policy press release:
The Swiss National Bank (SNB) is maintaining its minimum exchange rate of CHF 1.20 per euro. The Swiss franc is still high. With a three-month Libor close to zero, the minimum exchange rate continues to be the right tool to avoid an undesirable tightening of monetary conditions in the event of renewed upward pressure on the Swiss franc. The SNB will continue to enforce the minimum exchange rate with the utmost determination. If necessary, it is prepared to purchase foreign currency in unlimited quantities for this purpose, and to take further measures as required. In addition, it is leaving the target range for the three-month Libor unchanged at 0.0–0.25%. 

The path of the SNB’s conditional inflation forecast of June points to lower inflationary pressure in the medium term. The inflation forecast for the coming quarters is actually slightly higher than in March, given the fact that inflation was somewhat higher in May than expected and the departure point for the forecast has moved upwards as a result. Nevertheless from mid-2015 onwards, inflation will be lower than forecast in the previous quarter. This is due to the modest global economic outlook and unexpectedly low inflation in the euro area. At 0.1%, the inflation forecast for the current year is 0.1 percentage points higher than in March. For 2015 and 2016, the new forecast – of 0.3% for 2015 and 0.9% for 2016 – is 0.1 percentage points lower, in each case, than at the previous monetary policy assessment. As in the previous quarter, the forecast is based on a three-month Libor of 0.0% for the next three years and expects that the Swiss franc will weaken over the forecast horizon. Consequently, there are no signs of any inflation risks in Switzerland in the foreseeable future. 

As expected, growth in Switzerland picked up somewhat in the first quarter, after having been relatively weak in the previous quarter. Nevertheless, production capacities are still not fully utilized overall. The SNB expects the moderate recovery to continue in the coming quarters. For 2014, it again expects a growth rate of around 2.0%. 

Starting 30 June 2014, higher capital requirements for mortgage loans financing residential property in Switzerland will apply as a result of the increased sectoral countercyclical capital buffer (CCB). Despite the slightly weaker momentum on the mortgage and real estate markets, there is no evidence of any sustainable easing. The SNB is monitoring the situation on the mortgage and real estate markets closely, and regularly reassesses the need for an adjustment of the CCB.

SNB | Joana Taborda | joana.taborda@tradingeconomics.com
6/19/2014 9:50:37 AM

Recent Releases

Swiss National Bank Keeps Minimum Exchange Rate
In its March 20th, 2014 meeting, the Swiss Bank left the target range for the Swiss Franc Libor unchanged at 0.0–0.25 percent, maintaining its minimum exchange rate of CHF 1.20 per euro, as no upside risks to the consumer prices are expected in the near future. The Bank also cut its forecast for inflation this year and 2015. Published on 2014-03-20

Switzerland Keeps Monetary Policy Unchanged in December
In its December 12nd meeting, the Swiss National Bank kept the target range for the Swiss Franc Libor unchanged at 0.0–0.25 percent and the minimum exchange rate at CHF 1.2 per euro stating the currency is still high. Published on 2013-12-12

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2013-09-19 08:30 AM Switzerland
SNB Interest Rate Decison
0% 0% 0% 0%
2013-12-12 08:30 AM Switzerland
SNB Interest Rate Decison
0.0% 0% 0.0% 0%
2014-01-16 05:00 PM Switzerland
SNB Chairman Jordan Speech
2014-03-20 08:30 AM Switzerland
SNB Interest Rate Decison
0.0% 0.0% 0.0% 0%
2014-06-19 08:30 AM Switzerland
SNB Interest Rate Decison
0.0% 0.0% 0.0% 0%

Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 3.50 0.00 Percent [+]
Interbank Rate -0.11 -0.17 11.50 -0.28 Percent [+]
Money Supply M0 363662.00 368111.00 382580.00 5475.00 CHF Million [+]
Money Supply M1 564142.00 564655.00 566991.00 89321.00 CHF Million [+]
Money Supply M2 888452.00 889767.00 890549.00 198227.00 CHF Million [+]
Money Supply M3 933660.00 938154.00 938808.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 488355.90 483217.00 496142.20 65200.50 CHF Million [+]
Loans to Private Sector 1225367.00 1219708.00 1225367.00 348012.00 CHF Million [+]

Overview    |     Worldbank    |     Calendar    |     Countries    |     Indicators    |     News