Switzerland Interest Rate

The benchmark interest rate in Switzerland was last recorded at 0 percent. Interest Rate in Switzerland is reported by the Swiss National Bank. Interest Rate in Switzerland averaged 1.20 Percent from 2000 until 2014, reaching an all time high of 3.50 Percent in June of 2000 and a record low of 0 Percent in August of 2011. 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. 2014-04-20

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.00 0.00 3.50 0.00 0.00 | 2014/04 2000 - 2014 Percent Monthly

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Switzerland Interest Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-06-20 08:30 AM Switzerland
SNB Interest Rate Decison
0% 0% 0% 0%
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%
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Money Last Previous Highest Lowest Forecast Unit
Foreign Exchange Reserves 479268.20 2014-02-28 482288.70 496142.20 65200.50 475816.92 2014-03-31 CHF Million [+]
Interbank Rate -0.10 2014-03-31 -0.11 11.50 -0.28 0.00 2014-04-30 Percent [+]
Loans to Private Sector 1206734.00 2014-01-31 1204105.00 1206734.00 348012.00 1211773.36 2014-02-28 CHF Million [+]
Money Supply M0 378657.00 2014-02-28 382580.00 382580.00 5475.00 377179.24 2014-03-31 CHF Million [+]
Money Supply M1 563798.00 2014-02-28 561203.00 563798.00 89321.00 562822.00 2014-03-31 CHF Million [+]
Money Supply M2 885811.00 2014-02-28 881362.00 885811.00 198227.00 889877.93 2014-03-31 CHF Million [+]
Money Supply M3 934661.00 2014-02-28 928749.00 934661.00 252820.00 939065.71 2014-03-31 CHF Million [+]
Interest Rate 0.00 2014-03-20 0.00 3.50 0.00 0.00 2014-04-30 Percent [+]
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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.

Excerpt from the Swiss Bank Monetary Policy Committee statement:

The SNB stands ready to enforce the minimum exchange rate, if necessary, by buying foreign currency in unlimited quantities, and to take further measures as required. With the 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. 

In March, the SNB’s conditional inflation forecast was adjusted downwards once again. Inflation in Switzerland was close to 0 percent for January and February. Internationally declining inflation rates and the slightly stronger Swiss franc are delaying the rise of inflation into positive territory. 

As in the previous quarter, the forecast is based on a three-month Libor of 0.0% over the next three years and assumes that the Swiss franc will weaken over the forecast period. The SNB is now expecting the inflation rate to be 0.2 percentage points lower for both 2014 and 2015, at 0% and 0.4% respectively. In 2016, inflation should increase to 1.0%.

The moderate recovery of the global economy continued in the fourth quarter. In Europe, growth was, geographically, broader-based than in previous quarters. By contrast, euro area inflation was low, in part reflecting the persistent weakness of demand within the euro area. 

In Switzerland, as expected, the fourth quarter of 2013 saw a weakening of growth momentum, largely as a result of a decline in exports, which led to a corresponding decrease in value added in the manufacturing industry. Economic activity should pick up again from the first quarter of 2014. For 2014 as a whole, the SNB is still anticipating GDP growth of around 2 percent.

SNB | Isabel Felino | isabel.felino@tradingeconomics.com
3/20/2014 10:11:24 AM

RECENT RELEASES

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

Swiss Central Bank KeepS Policy Unchanged in September
In its September 19th 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 as currency remains too strong. Published on 2013-09-19


Interest Rate | Notes
The interest rate shown on this page refers to the central bank benchmark interest rate. Usually, the central bank benchmark interest rate is the overnight rate at which central banks make loans to the commercial banks under their jurisdiction. Moving the benchmark interest rate, the central bank is able to make an impact on interest rates of commercial banks, inflation level of the country and national currency exchange rate. Reduction of interest rates should bring increase in business activity, a rise in inflation rate and weakening of national currency. In case of increase in interest rates the level of business activity is likely to drop, inflation declines and national currency strengthens.


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Swiss Unemployment Rate Falls in March  
Swiss unadjusted jobless rate decreased to 3.3 percent in March of 2014 from 3.5 percent in the previous month.
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Switzerland’s annual inflation rate was recorded at 0.0 percent in March of 2014, after falling 0.1 percent in the previous month. On a monthly basis, prices recorded the highest increase in twelve months.
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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.
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In February of 2014, Swiss annual inflation rate fell 0.1 percent after growing 0.1 percent in each of previous three months. A year earlier, prices dropped 0.3 percent. Compared with the previous month, inflation rose to 0.1 percent.
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In the fourth quarter of 2013, Switzerland’s economic growth slowed to 0.2 percent over the previous three-month period, the lowest rate in six quarters, hurt by a fall in exports due to weak global demand for chemical and pharmaceutical products.
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In January of 2014, Switzerland’s trade surplus increased to CHF 2.59 billion, the highest surplus in the last eight months, boosted by higher exports. The chemicals and pharmaceuticals industry generated half of the export growth.
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In January of 2014, Switzerland’s annual inflation rate was recorded at 0.1 percent for the third straight month. On a monthly basis, prices fell for the second month in a row by 0.3 percent, as cost of imported products declined 1.3 percent.
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Switzerland’s unemployment rate remained unchanged at 3.5 percent in January of 2014. The number of job seekers rose by 2975 to 208777. Compared to the same period last year, the number of unemployed persons rose by 7000.
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