Switzerland Interest Rate 2000-2015 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Switzerland was last recorded at -0.75 percent. Interest Rate in Switzerland averaged 1.10 percent from 2000 until 2015, 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. Interest Rate in Switzerland is reported by the Swiss National Bank.

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Switzerland Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
-0.75 -0.75 3.50 -0.75 2000 - 2015 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 Wednesday, May 27, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-03-19 08:30 AM -0.75% -0.75% -0.75% -0.75%
2015-03-25 02:00 PM
2015-04-24 09:00 AM
2015-06-18 08:30 AM -0.75% -0.75%
2015-06-19 08:30 AM -0.75%
2015-09-17 08:30 AM -0.75%


SNB Leaves Monetary Policy Unchanged


The Swiss National Bank left its deposit interest rate on hold at record low of -0.75 percent on March 19th to weaken the franc. The bank also lowered inflation and growth forecasts.

Excerpts from the SNB press release:

The Swiss National Bank (SNB) is leaving the target range for the three-month Libor unchanged at between –1.25% and−0.25%. The interest rate on sight deposits with the SNB remains at –0.75% and the exemption thresholds remain unchanged. Negative interest helps to make it less attractive to hold investments in Swiss francs. Overall, the Swiss franc is significantly overvalued and should continue to weaken over time. The SNB will continue to take account of the exchange rate situation, and its impact on inflation and economic developments, in formulating its monetary policy. It will therefore remain active in the foreign exchange market, as necessary, in order to influence monetary conditions.

The SNB’s conditional inflation forecast has been adjusted substantially downwards compared to the December forecast. Together with the sharp fall in oil prices, the appreciation of the Swiss franc since the minimum exchange rate was discontinued moves inflation further into negative territory for a short period. For 2015, the SNB has revised its inflation forecast downwards by 1% percentage point to −1.1%. Inflation reaches its low point in the third quarter of 2015, at –1.2%. Thereafter, forecast inflation rises more rapidly than in the December forecast, due to the interest rate reductions since the last monetary policy assessment. Nevertheless, in 2016, inflation will amount to –0.5%, which is 0.8 percentage points lower than in the December forecast. Not until 2017 will inflation move into positive territory again, at 0.4%. The conditional forecast assumes that the three-month Libor remains at –0.75% over the entire forecast horizon, and that the Swiss franc weakens.

In December, the SNB expected annual growth of some 2% for 2015. With the appreciation of the Swiss franc since mid-January, this forecast has had to be revised. A noticeable weakening in the economy may be expected, particularly in the first half of the year. For the year as a whole, the SNB now only expects real GDP to increase by just under 1%. Given this weakening, appreciable underutilisation of production capacity may be expected in the short term. Unemployment is likely to increase moderately. The anticipated strengthening in the global recovery will have a supportive effect.

SNB | Joana Taborda | joana.taborda@tradingeconomics.com
3/19/2015 11:05:11 AM


Recent Releases

Switzerland Discontinues Currency Ceiling; Cuts Rates
The Swiss National Bank decided on January 15th to abandon the minimum exchange rate of CHF 1.20 per euro, as recent euro fall has caused the Swiss franc to weaken against the USD. Policymakers also decided to lower the deposit rate by 50 bps to -0.75 percent. Published on 2015-01-15

Switzerland Introduces Negative Interest Rate
The Swiss National Bank decided to move to a deposit rate of -0.25 percent effective January 22nd, aiming to cool franc appreciation. The target range for three-month Libor was expanded to a 100 bps band of -0.75 percent to 0.25 percent. Published on 2014-12-18


Switzerland Money Last Previous Highest Lowest Unit
Interest Rate -0.75 -0.75 3.50 -0.75 percent [+]
Interbank Rate -1.05 -1.12 11.50 -1.25 percent [+]
Money Supply M0 448675.00 444471.00 449734.00 5475.00 CHF Million [+]
Money Supply M1 565336.00 572402.00 577761.00 89321.00 CHF Million [+]
Money Supply M2 896807.00 902581.00 905543.00 198227.00 CHF Million [+]
Money Supply M3 952176.00 958546.00 958546.00 252820.00 CHF Million [+]
Foreign Exchange Reserves 566643.70 553630.90 566643.70 65200.50 CHF Million [+]
Loans to Private Sector 1309627.00 1308515.00 1309627.00 348012.00 CHF Million [+]
Banks Balance Sheet 1808425.00 1825332.00 1840581.00 595832.00 CHF Million [+]
Central Bank Balance Sheet 581347.30 568610.40 581347.30 68322.20 CHF Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 May/15 2.25 17.50 2.25 percent [+]
Brazil 13.25 Apr/15 12.75 45.00 7.25 percent [+]
Canada 0.75 Apr/15 0.75 16.00 0.25 percent [+]
China 5.10 May/15 5.35 10.98 5.31 percent [+]
Euro Area 0.05 Apr/15 0.05 4.75 0.05 percent [+]
France 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Apr/15 0.05 4.75 0.05 percent [+]
India 7.50 Apr/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 May/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Japan 0.00 May/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Apr/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Russia 12.50 Apr/15 14.00 17.00 5.00 percent [+]
South Korea 1.75 May/15 1.75 5.25 1.75 percent [+]
Spain 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Apr/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 May/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 May/15 0.50 17.00 0.50 percent [+]
United States 0.25 Apr/15 0.25 20.00 0.25 percent [+]