The Swiss National Bank left its policy rate unchanged at 0 percent, the bank announced on 24 September 2026 following its monetary policy assessment held on 22 and 23 September. The decision was taken by the Governing Board, comprising Martin Schlegel, President, Antoine Martin, Vice President, and Petra Tschudin, Member.
Franc weakens since June
The Swiss franc has depreciated by about 3 percent on a trade-weighted basis since the Governing Board’s June assessment.
By our measurement, USD/CHF stood at 0.8206 as of 22 October 2026, 19:21 GMT, its lowest level in 31 days. Monetary conditions have eased overall compared with June, the SNB said, because the franc’s depreciation outweighed a slight rise in interest rates. The bank described its policy stance as remaining expansionary.
Global backdrop shifts
Since the June assessment, international financial markets have been shaped by renewed tensions in the Middle East and by tighter monetary policy abroad. Global market rates have risen markedly, the SNB said, amid rising energy prices and a higher inflation outlook.
Inflation remains above target in many countries, and both the euro area and the United States raised their policy rates over the period. The SNB’s international baseline scenario expects inflation to stay elevated for some time yet.
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Source: Swiss National Bank | Data: Swissquote
