SNB minus ECB (CHF/EUR)
• Coverage: 1999–2026
Swiss National Bank vs. ECB Interest Rate Differential (1999–2026)
Historical policy rate spread between the Swiss National Bank (SNB Policy Rate) and the European Central Bank (ECB Policy Rate). As of Sep 2026, SNB stands at 0.00% vs. ECB at 2.50%, resulting in a bilateral policy rate differential of -250 bps (-2.50 percentage points).
Current Spread (Sep 2026)
-250 bps
SNB: 0.00% · ECB: 2.50%
Mean Spread (1999–2026)
-128 bps
28 overlapping years
Widest Positive Spread (2013)
-13 bps
Maximum SNB premium over ECB Lowest / Negative Spread (2023)
-275 bps
Minimum SNB minus ECB differential
SNB (Blue) vs. ECB (Amber) Policy Rates (1999–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (SNB minus ECB, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Swiss National Bank · Amber: European Central Bank
Annual SNB vs. ECB Policy Rate Differential Ledger (1999–2026)
| Year | SNB Policy Rate | ECB Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 0.00% | 2.50% | -2.50 pp | -250 bps |
| 2025 | 0.00% | 2.00% | -2.00 pp | -200 bps |
| 2024 | 0.50% | 3.00% | -2.50 pp | -250 bps |
| 2023 | 1.75% | 4.50% | -2.75 pp | -275 bps |
| 2022 | 1.00% | 2.50% | -1.50 pp | -150 bps |
| 2021 | -0.75% | 0.00% | -0.75 pp | -75 bps |
| 2020 | -0.75% | 0.00% | -0.75 pp | -75 bps |
| 2019 | -0.75% | 0.00% | -0.75 pp | -75 bps |
| 2018 | -0.75% | 0.00% | -0.75 pp | -75 bps |
| 2017 | -0.75% | 0.00% | -0.75 pp | -75 bps |
| 2016 | -0.75% | 0.00% | -0.75 pp | -75 bps |
| 2015 | -0.75% | 0.05% | -0.80 pp | -80 bps |
| 2014 | -0.25% | 0.05% | -0.30 pp | -30 bps |
| 2013 | 0.12% | 0.25% | -0.13 pp | -13 bps |
| 2012 | 0.12% | 0.75% | -0.63 pp | -63 bps |
| 2011 | 0.12% | 1.00% | -0.88 pp | -88 bps |
| 2010 | 0.38% | 1.00% | -0.62 pp | -62 bps |
| 2009 | 0.38% | 1.00% | -0.62 pp | -62 bps |
| 2008 | 0.50% | 2.50% | -2.00 pp | -200 bps |
| 2007 | 2.75% | 4.00% | -1.25 pp | -125 bps |
| 2006 | 2.00% | 3.50% | -1.50 pp | -150 bps |
| 2005 | 1.00% | 2.25% | -1.25 pp | -125 bps |
| 2004 | 0.75% | 2.00% | -1.25 pp | -125 bps |
| 2003 | 0.38% | 2.00% | -1.62 pp | -162 bps |
| 2002 | 0.75% | 2.75% | -2.00 pp | -200 bps |
| 2001 | 1.75% | 3.25% | -1.50 pp | -150 bps |
| 2000 | 3.50% | 4.75% | -1.25 pp | -125 bps |
| 1999 | 0.50% | 3.00% | -2.50 pp | -250 bps |