Switzerland interest rate
Swiss National Bank
- Policy rate
- 0.00%
- Sep 22, 2026
- Last move
- None
- in the past year
- Inflation
- 0.4%
- Jul 2026
- 10-year bond yield
- 0.47%
- Aug 2026
The policy rate set by the Swiss National Bank is 0.00% as of Sep 22, 2026. It has not changed the rate in the past year. With consumer prices up 0.4% over the 12 months to Jul 2026, the real rate (policy rate minus inflation) is −0.4%: borrowing costs are below inflation.
Policy rate over the past two years
Sep 22, 2026: 0.00%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| Jun 2025 | Cut | 0.25% | 0.00% | −0.25 pt |
| Mar 2025 | Cut | 0.50% | 0.25% | −0.25 pt |
| Dec 2024 | Cut | 1.00% | 0.50% | −0.50 pt |
| Sep 2024 | Cut | 1.25% | 1.00% | −0.25 pt |
Changes between month-end rates, plus the latest daily reading. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Jul 2026: 0.4%
10-year government bond yield
Aug 2026: 0.47%
Other central banks in Europe
Source: BIS; inflation: IMF CPI; bond yield: OECD. Updated daily. All central bank rates · Switzerland economy dashboard