Swiss National Bank Policy Interest Rate (Switzerland) - Historical Data
Historical time series of the Swiss National Bank Policy Interest Rate set by the Swiss National Bank (SNB) from 1946 to 2026. From 13 June 2019 onwards SNB Policy rate; From 1 Jan 2000 to 12 June 2019 mid-point of the SNB target range; from 1 Jan 1946 to 31 Dec 1999: discount rate. The latest benchmark reading is 0.00% (Sep 2026), corresponding to an ex-post real policy rate of -0.81% after adjusting for Switzerland headline CPI inflation (0.81%).
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Current Statistics & Historical Records
Latest Reading (Sep 2026)
0.00%
Prev (Aug 2026): 0.00%0.00 pp
Highest Recorded (Aug 1991)
7.00%
Peak monetary tightening by Swiss National Bank (Swiss National Bank Policy Interest Rate).
Lowest Recorded (Jan 2015)
-0.75%
Lowest policy interest rate stance set by Swiss National Bank.
Long-Run Mean (1946–2026)
2.05%
81 annual observations · Monthly
Swiss National Bank · CHF
Swiss National Bank Policy Interest Rate (Switzerland) (1946-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1946–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) & Swiss National Bank (WS_CBPOL:M:CH)
Latest: 0.00% (Sep 2026)
· Real Rate: -0.81%
SNB Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1946–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1940s | 1946–1949 | 1.50% | 1.50% (1946) | 1.50% (1946) |
| 1950s | 1950–1959 | 1.75% | 2.50% (1957) | 1.50% (1950) |
| 1960s | 1960–1969 | 2.62% | 3.75% (1969) | 2.00% (1960) |
| 1970s | 1970–1979 | 3.08% | 5.50% (1974) | 1.00% (1978) |
| 1980s | 1980–1989 | 4.15% | 6.00% (1981) | 2.50% (1987) |
| 1990s | 1990–1999 | 3.15% | 7.00% (1991) | 0.50% (1999) |
| 2000s | 2000–2009 | 1.38% | 3.50% (2000) | 0.38% (2003) |
| 2010s | 2010–2019 | -0.33% | 0.38% (2010) | -0.75% (2015) |
| 2020s | 2020–2026 | 0.25% | 1.75% (2023) | -0.75% (2020) |
Complete Annual Historical Ledger (1946–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Swiss National Bank (WS_CBPOL:M:CH)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 0.00% | -0.42% | 0.00% – 0.00% | - |
| 2025 | 0.00% | -0.15% | 0.00% – 0.50% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 0.50% | -0.56% | 0.50% – 1.75% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 1.75% | -0.39% | 1.00% – 1.75% | - |
| 2022 | 1.00% | -1.83% | -0.75% – 1.00% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | -0.75% | -1.33% | -0.75% – -0.75% | - |
| 2020 | -0.75% | -0.03% | -0.75% – -0.75% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | -0.75% | -1.11% | -0.75% – -0.75% | - |
| 2018 | -0.75% | -1.69% | -0.75% – -0.75% | - |
| 2017 | -0.75% | -1.29% | -0.75% – -0.75% | - |
| 2016 | -0.75% | -0.32% | -0.75% – -0.75% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | -0.75% | +0.39% | -0.75% – -0.75% | - |
| 2014 | -0.25% | -0.24% | -0.25% – 0.12% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 0.12% | +0.34% | 0.12% – 0.12% | - |
| 2012 | 0.12% | +0.81% | 0.12% – 0.12% | - |
| 2011 | 0.12% | -0.11% | 0.12% – 0.38% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 0.38% | -0.31% | 0.38% – 0.38% | - |
| 2009 | 0.38% | +0.86% | 0.38% – 0.50% | - |
| 2008 | 0.50% | -1.93% | 0.50% – 2.75% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 2.75% | +2.02% | 2.00% – 2.75% | - |
| 2006 | 2.00% | +0.94% | 1.00% – 2.00% | - |
| 2005 | 1.00% | -0.17% | 0.75% – 1.00% | - |
| 2004 | 0.75% | -0.05% | 0.38% – 0.75% | - |
| 2003 | 0.38% | -0.26% | 0.38% – 0.75% | - |
| 2002 | 0.75% | +0.11% | 0.75% – 1.75% | - |
| 2001 | 1.75% | +0.76% | 1.75% – 3.50% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 3.50% | +1.94% | 1.75% – 3.50% | - |
| 1999 | 0.50% | -0.31% | 0.50% – 1.00% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 1.00% | +0.98% | 1.00% – 1.00% | - |
| 1997 | 1.00% | +0.48% | 1.00% – 1.00% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 1.00% | +0.19% | 1.00% – 1.50% | - |
| 1995 | 1.50% | -0.30% | 1.50% – 3.50% | - |
| 1994 | 3.50% | +2.65% | 3.50% – 4.00% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 4.00% | +0.70% | 4.00% – 5.50% | - |
| 1992 | 6.00% | +1.96% | 6.00% – 7.00% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 7.00% | +1.14% | 6.00% – 7.00% | - |
| 1990 | 6.00% | +0.60% | 6.00% – 6.00% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 6.00% | +2.85% | 4.00% – 6.00% | - |
| 1988 | 3.50% | +1.63% | 2.50% – 3.50% | - |
| 1987 | 2.50% | +1.06% | 2.50% – 3.50% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 4.00% | +3.25% | 4.00% – 4.00% | - |
| 1985 | 4.00% | +0.56% | 4.00% – 4.00% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 4.00% | +1.07% | 4.00% – 4.00% | - |
| 1983 | 4.00% | +1.04% | 4.00% – 4.50% | - |
| 1982 | 4.50% | -1.16% | 4.50% – 6.00% | - |
| 1981 | 6.00% | -0.48% | 3.00% – 6.00% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 3.00% | -1.03% | 2.00% – 3.00% | - |
| 1979 | 2.00% | -1.63% | 1.00% – 2.00% | Second oil shock; Paul Volcker appointed Federal Reserve Chair |
| 1978 | 1.00% | -0.04% | 1.00% – 1.50% | - |
| 1977 | 1.50% | +0.20% | 1.50% – 2.00% | - |
| 1976 | 2.00% | +0.28% | 2.00% – 2.50% | - |
| 1975 | 3.00% | -3.74% | 3.00% – 5.50% | - |
| 1974 | 5.50% | -4.28% | 5.50% – 5.50% | First OPEC oil shock triggers global stagflation and steep policy rate hikes |
| 1973 | 4.50% | -4.23% | 4.50% – 4.50% | - |
| 1972 | 3.75% | -2.91% | 3.75% – 3.75% | - |
| 1971 | 3.75% | -2.82% | 3.75% – 3.75% | Nixon Shock suspends USD gold convertibility; Bretton Woods system ends |
| 1970 | 3.75% | +0.14% | 3.75% – 3.75% | - |
| 1969 | 3.75% | +1.26% | 3.00% – 3.75% | - |
| 1968 | 3.00% | +0.58% | 3.00% – 3.00% | - |
| 1967 | 3.00% | -1.03% | 3.00% – 3.50% | - |
| 1966 | 3.50% | -1.28% | 2.50% – 3.50% | Credit crunch of 1966 and monetary tightening |
| 1965 | 2.50% | -0.91% | 2.50% – 2.50% | - |
| 1964 | 2.50% | -0.59% | 2.00% – 2.50% | - |
| 1963 | 2.00% | -1.44% | 2.00% – 2.00% | - |
| 1962 | 2.00% | -2.32% | 2.00% – 2.00% | - |
| 1961 | 2.00% | +0.16% | 2.00% – 2.00% | - |
| 1960 | 2.00% | +0.56% | 2.00% – 2.00% | - |
| 1959 | 2.00% | +2.64% | 2.00% – 2.50% | - |
| 1958 | 2.50% | +0.66% | 2.50% – 2.50% | Eisenhower recession and global monetary easing |
| 1957 | 2.50% | +0.54% | 1.50% – 2.50% | - |
| 1956 | 1.50% | -0.01% | 1.50% – 1.50% | - |
| 1955 | 1.50% | +0.57% | 1.50% – 1.50% | - |
| 1954 | 1.50% | +0.77% | 1.50% – 1.50% | Post-Korean War Federal Reserve policy rate normalization |
| 1953 | 1.50% | +2.20% | 1.50% – 1.50% | - |
| 1952 | 1.50% | -1.05% | 1.50% – 1.50% | - |
| 1951 | 1.50% | -3.27% | 1.50% – 1.50% | - |
| 1950 | 1.50% | +9.41% | 1.50% – 1.50% | - |
| 1949 | 1.50% | +2.32% | 1.50% – 1.50% | - |
| 1948 | 1.50% | -1.48% | 1.50% – 1.50% | - |
| 1947 | 1.50% | -2.99% | 1.50% – 1.50% | - |
| 1946 | 1.50% | +2.04% | 1.50% – 1.50% | - |
Frequently Asked Questions - SNB Policy Rate
What is the current Swiss National Bank Policy Interest Rate?
As of Sep 2026, the Swiss National Bank Policy Interest Rate is 0.00% per annum. Adjusted for headline inflation (0.81%), the ex-post real policy rate in Switzerland stands at -0.81%.
What was the highest and lowest Swiss National Bank interest rate on record?
Across the 1946-2026 archive, the Swiss National Bank Policy Interest Rate reached a record high of 7.00% in Aug 1991 and a record low of -0.75% in Jan 2015. The long-run annual mean is 2.05%.
What is the Swiss National Bank inflation target?
The Swiss National Bank operates with an official inflation target of 0.0%-2.0% Price Stability Range. Its statutory mandate is: Ensure price stability while taking due account of economic developments.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Swiss National Bank
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:CH
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 13 June 2019 onwards SNB Policy rate; From 1 Jan 2000 to 12 June 2019 mid-point of the SNB target range; from 1 Jan 1946 to 31 Dec 1999: discount rate.
- Reporting agency: Swiss National Bank; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). Swiss National Bank Policy Interest Rate (Switzerland), compiled from Bank for International Settlements (WS_CBPOL:M:CH). https://centralbankdata.com/swiss-national-bank-interest-rate
BibTeX
@misc{cbd_cbpol_switzerland,
author = {CentralBankData.com},
title = {Swiss National Bank Policy Interest Rate (Switzerland)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:CH},
year = {2026},
url = {https://centralbankdata.com/swiss-national-bank-interest-rate}
}Related Swiss National Bank & Global Series
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