Switzerland Interest Rate  2000-2017 | Data | Chart | Calendar | Forecast

The Swiss National Bank held its deposit interest rate at a record low of -0.75 percent on December 15th, as widely expected, saying the franc is still significantly overvalued and the current expansionary monetary policy is aimed at stabilizing price developments and supporting economic activity. Meanwhile, the central bank cut inflation forecasts for 2017 to 0.1 percent from 0.2 percent previously estimated; and for 2018 to 0.5 percent from 0.6 percent. Interest Rate in Switzerland averaged 0.95 percent from 2000 until 2016, 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.

Switzerland Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-06-16 07:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75%
2016-09-15 07:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75%
2016-12-15 08:30 AM SNB Interest Rate Decison -0.75% -0.75% -0.75% -0.75%
2017-03-16 08:30 AM SNB Interest Rate Decison -0.75%
2017-03-22 02:00 PM SNB Quarterly Bulletin
2017-06-15 07:30 AM SNB Interest Rate Decison




Switzerland Holds Policy Rate at -0.75%


The Swiss National Bank held its deposit interest rate at a record low of -0.75 percent on December 15th, as widely expected, saying the franc is still significantly overvalued and the current expansionary monetary policy is aimed at stabilizing price developments and supporting economic activity. Meanwhile, the central bank cut inflation forecasts for 2017 to 0.1 percent from 0.2 percent previously estimated; and for 2018 to 0.5 percent from 0.6 percent.

Excerpts from the SNB press release:

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Interest on sight deposits at the SNB is to remain at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. At the same time, the SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration. The SNB’s expansionary monetary policy is aimed at stabilising price developments and supporting economic activity. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing pressure on the currency. The Swiss franc is still significantly overvalued.

Compared to September, the new conditional inflation forecast has been revised slightly downwards in the short term. This mainly reflects the fact that inflation in October and November was slightly lower than expected. The SNB nevertheless anticipates an unchanged inflation rate of –0.4% for 2016. For 2017, however, the forecast is down to 0.1%, from 0.2% in the previous quarter. For 2018, the SNB now expects inflation of 0.5%, compared to 0.6% in the third quarter. The conditional inflation forecast is based on the assumption that the three-month Libor remains at –0.75% over the entire forecast horizon.

According to an initial quarterly estimate, GDP in Switzerland grew at an annualised rate of 0.2% in the third quarter. This small increase must also be seen in the context of high growth in the second quarter. Year-on-year, GDP rose by 1.3% in the third quarter. Overall, economic indicators point to a continuation of the moderate economic recovery in Switzerland and are thus consistent with our previous GDP growth forecast of around 1.5% for 2016 as a whole. Developments on the labour market support this view. Up until November, the seasonally adjusted unemployment rate for this year was stable at 3.3%. Survey-based labour demand indicators have recovered further. The outlook for the coming year is cautiously optimistic. As for 2016, the SNB expects GDP growth for 2017 to be roughly 1.5%. Prevailing international risks mean that forecasts, including Switzerland’s, continue to be fraught with considerable uncertainties. Over the last six months, growth on the mortgage and real estate markets has remained fairly constant at a relatively low level. At the same time, imbalances on these markets have decreased slightly overall due to developments in fundamentals. However, imbalances are still at a similarly high level as in 2014, when the sectoral countercyclical capital buffer was set at 2%. The SNB will continue to monitor developments on these markets closely, and will regularly reassess the need for an adjustment of the countercyclical capital buffer. 

SNB | Yekaterina Guchshina | yekaterina@tradingeconomics.com
12/15/2016 9:06:21 AM



Switzerland Money Last Previous Highest Lowest Unit
Interest Rate -0.75 -0.75 3.50 -0.75 percent [+]
Interbank Rate -0.73 -0.73 10.00 -0.96 percent [+]
Money Supply M0 536303.00 529835.00 536303.00 5475.00 CHF Million [+]
Money Supply M1 591831.00 588435.00 591831.00 89321.00 CHF Million [+]
Money Supply M2 941447.00 936285.00 941447.00 198227.00 CHF Million [+]
Money Supply M3 992754.00 987029.00 992754.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 645330.00 647760.70 647760.70 42137.60 CHF Million [+]
Banks Balance Sheet 1904993.76 1892858.60 1904993.76 595832.00 CHF Million [+]
Loans to Private Sector 1353842.00 1351179.00 1353842.00 348012.00 CHF Million [+]
Deposit Interest Rate -0.18 0.02 8.75 -0.18 percent [+]
Central Bank Balance Sheet 734215.66 717433.02 734215.66 68322.20 CHF Million [+]
Private Debt to GDP 211.00 208.79 227.01 184.74 percent [+]



Switzerland Interest Rate Notes

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 Interest Rate - actual data, historical chart and calendar of releases - was last updated on January of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
-0.75 -0.75 3.50 -0.75 2000 - 2016 percent Daily



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