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 March 16th, 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 raised inflation forecasts for 2017 to 0.3 percent from 0.1 percent previously estimated; and for 2018 cut to 0.4 percent from 0.5 percent. Interest Rate in Switzerland averaged 0.92 percent from 2000 until 2017, 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)
2016-09-15 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% -0.75% -0.75% -0.75%
2017-04-28 08:00 AM SNB Studer Speech
2017-04-28 08:00 AM SNB Jordan Speech
2017-06-15 07:30 AM SNB Interest Rate Decison -0.75%




Switzerland Leaves Key Rate At -0.75%


The Swiss National Bank held its deposit interest rate at a record low of -0.75 percent on March 16th, 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 raised inflation forecasts for 2017 to 0.3 percent from 0.1 percent previously estimated; and for 2018 cut to 0.4 percent from 0.5 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%. 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 Swiss franc is still significantly overvalued. 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.

Compared to December, the new conditional inflation forecast is slightly higher for the next few quarters. Increased oil prices in particular contribute to the rise in inflation in the short term. Over the longer term, however, the conditional inflation forecast is marginally lower. The inflation forecast for 2017 has risen to 0.3%, compared to 0.1% in the previous quarter. For 2018, the SNB anticipates inflation of 0.4%, compared to 0.5% in the previous quarter. The forecast for 2019 is 1.1%. The conditional inflation forecast is based on the assumption that the three-month Libor remains at –0.75% over the entire forecast horizon. 

In Switzerland, fourth-quarter GDP growth was lower than expected. According to an initial quarterly estimate, GDP grew – as in the third quarter – at an annualised rate of just 0.3%. However, a more extensive analysis of the available economic indicators points to an ongoing moderate recovery in the final months of the year; developments on the labour market support this view. Although the seasonally adjusted unemployment rate remained stable, the number of people out of work declined slightly from August onwards. Discussions with company representatives conducted by the SNB’s delegates for regional economic relations also suggest a moderate improvement of the economic situation.

Given favourable economic developments internationally, the outlook for Switzerland’s economy is cautiously optimistic. Overall, the SNB continues to expect GDP growth of roughly 1.5% for 2017. Nonetheless, the forecast for Switzerland, too, is marked by considerable uncertainty emanating from international risks.

Growth on the mortgage and real estate markets remained fairly constant at a relatively low level in the fourth quarter of 2016. At the same time, the slowdown in price momentum in the residential property market continued. Imbalances on the mortgage and real estate markets nevertheless persist. 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
3/16/2017 8:39:57 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 547946.00 543017.00 547946.00 5475.00 CHF Million [+]
Money Supply M1 600189.00 597628.00 600189.00 89321.00 CHF Million [+]
Money Supply M2 949980.00 948959.00 949980.00 198227.00 CHF Million [+]
Money Supply M3 1002276.00 999378.00 1002276.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 683180.70 668332.20 683180.70 42137.60 CHF Million [+]
Banks Balance Sheet 1975230.05 1947624.62 1975230.05 595832.00 CHF Million [+]
Loans to Private Sector 1364258.00 1359874.00 1365954.00 348012.00 CHF Million [+]
Deposit Interest Rate -0.18 0.02 8.75 -0.18 percent [+]
Central Bank Balance Sheet 755318.10 725200.26 755318.10 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 April of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
-0.75 -0.75 3.50 -0.75 2000 - 2017 percent Daily



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