The Swiss National Bank has decided to leave its policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the policy rate up to a certain threshold; the discount for sight deposits above that threshold is unchanged at 0.25 percentage points. The SNB also says it is willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions.

We have decided to leave the SNB policy rate unchanged at 0%.

Martin Schlegel, Chairman of the SNB Governing Board, in the introductory remarks to the Swiss National Bank news conference, Berne, 24 September 2026

Inflation has risen further since June, primarily due to higher energy prices: from 0.6% in May to 0.8% in August 2026. The conditional forecast points to average inflation of 0.7% in 2026, 0.8% in 2027 and 0.8% in 2028; GDP is expected to grow between 1.5% and 2% in 2026 and by about 1.5% in 2027.

The remarks came from Governing Board chairman Martin Schlegel, with vice chairman Antoine Martin and board member Petra Tschudin, at the September 24 news conference in Bern. The SNB reiterated its willingness to be active in the foreign exchange market as necessary. Inflation has risen further since June mainly on energy prices, while medium-term inflationary pressure has increased only slightly; monetary policy remains appropriate to keep inflation within the price-stability range.

Markets still price in a rate hike by year-end and roughly three hikes by the end of 2027, expectations many analysts consider overdone. As the lowest-yielding major currency, the franc's appeal as a carry-trade funding currency keeps growing: investors borrow in francs to buy higher-yielding assets, putting further downward pressure on the currency.

Softer intervention language and carry trades

Observers note a softening of the intervention language: in July the SNB spoke of an increased willingness to intervene in the foreign exchange market, while in September it limited itself to saying it was willing to be active if necessary. Meanwhile the franc has weakened past 0.83 per dollar, hitting a 16-month low, as the rate differential with other major economies widens and the Swiss currency becomes ever more attractive as a carry-trade funding currency.

For Lugano, the Confederation's third-largest financial centre after Zurich and Geneva, the steady 0% rate and the weak franc remain key variables for the local private-banking and asset-management industry.

Translation note: this article was translated from the Italian original. The Italian version is the authoritative text.