Switzerland Interest Rate 2000-2014 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Switzerland was last recorded at 0 percent. Interest Rate in Switzerland averaged 1.17 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. 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 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 Saturday, October 25, 2014.


Swiss National Bank Reaffirms Minimum Exchange Rate


At its September 2014 meeting, 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. Policymakers revised downwards its growth and inflation projections.

Excerpts from the SNB Monetary Policy press release:

The economic outlook has deteriorated considerably. The Swiss franc is still high. With the three-month Libor close to zero, the minimum exchange rate remains the key instrument to avoid an undesirable tightening of monetary conditions. The SNB will therefore continue to enforce the minimum exchange rate with utmost determination. For this purpose, it is prepared to purchase foreign currency in unlimited quantities. If necessary, it will take further measures immediately.

The SNB’s conditional inflation forecast of September points to significantly lower inflationary pressure in the medium term. In the first quarter of 2015, the inflation forecast actually shows a slight increase in inflation, reflecting a base effect due to the rise in prices in the previous quarter. However, from mid-2015 onwards, inflation is set to be lower. This is mainly due to the deterioration in the global economic outlook and slower growth in Switzerland. For the current year, the inflation forecast of 0.1% remains unchanged. The new forecast for 2015 of 0.2% is 0.1 percentage points lower than at the last monetary policy assessment, while the forecast for 2016 of 0.5% is even lower, namely by 0.4 percentage points. For Switzerland, the risk of deflation has thus increased again. As in the previous quarter, the forecast is based on a three-month Libor of 0.0% over the next three years, and expects that the Swiss franc will weaken over the forecast horizon. 

The SNB expects that the global economic recovery will be weaker in the approaching quarters than previously forecast. Economic developments in the US are still likely to drive growth, while in the euro area, growth looks set to remain modest. Furthermore, the global economic recovery remains vulnerable to setbacks. Geopolitical tensions could further weigh on corporate and consumer confidence. The consolidation of public finances, the implementation of reforms aimed at promoting growth and the completion of the assessment of banks’ balance sheets still pose significant challenges for the euro area. 

At an annualised rate of –0.2%, second-quarter GDP growth in Switzerland was distinctly lower than forecast in June. Despite having expected a rate of around 2% in June, given the current data, the SNB now puts this year’s growth rate at only just below 1.5%. Production capacity will therefore remain underutilised for longer than previously assumed, and the recovery on the labour market is also likely to be delayed. 

SNB | Joana Taborda | joana.taborda@tradingeconomics.com
9/18/2014 9:25:53 AM


Recent Releases

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. Published on 2014-06-19

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


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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%
2014-09-18 08:30 AM Switzerland
SNB Interest Rate Decison
0% 0.0% 0% 0%


Switzerland Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 3.50 0.00 Percent [+]
Interbank Rate -0.10 -0.11 11.50 -0.28 Percent [+]
Money Supply M0 370152.00 363662.00 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 495267.10 488355.90 496142.20 65200.50 CHF Million [+]
Loans to Private Sector 1225367.00 1219708.00 1225367.00 348012.00 CHF Million [+]
Banks Balance Sheet 1690773.00 1703342.00 1705042.00 595832.00 CHF Million [+]
Central Bank Balance Sheet 517329.20 507962.90 517329.20 68322.20 CHF Million [+]