Swiss National Bank Interest Rate Today

The SNB policy rate is 0.00%. The Swiss National Bank last cut it by 0.25 point, with effect from 20 June 2025. Swiss inflation (HICP) was 1.2% in the 12 months to September 2026, so the real policy rate is minus 1.20%. Silver in Swiss francs is up 47.7% since that decision. Next SNB assessment: Thursday 10 December 2026 at 09:30.

SNB policy rate

0.00%

−25 bp from Jun 20, 2025

Swiss inflation

1.2%

Sep 2026 · real rate −1.20%

Next SNB assessment

Thu 10 Dec

09:30 CET · in 44 days

Silver in CHF since last move

+47.7%

CHF 44.55/oz · $1 = CHF 0.8246

SNB policy rate and silver in Swiss francs since 2000

weekly · silver on a log scale (right)

SNB policy rate (target-range midpoint before June 2019)Silver in CHF (right scale)

SNB Rate Cycles Since 2000 and Silver in Francs

Runs of SNB hikes or cuts (a gap of two years or more starts a new run), and how silver did in Swiss francs (our calculations).

Cycle	From → to	Moves	Silver during	12 months after the first move
Cuts Mar 2024–Jun 2025	1.75% → 0.00%	6 (−175 bp)	+32.2%	+31.9%
Hikes Jun 2022–Jun 2023	-0.75% → 1.75%	5 (+250 bp)	−6.0%	+0.6%
Cuts Dec 2014–Jan 2015	0.13% → -0.75%	2 (−88 bp)	−3.4%	−8.9%
Cuts Aug 2011	0.38% → 0.13%	1 (−25 bp)	—	−13.7%
Cuts Oct 2008–Mar 2009	2.75% → 0.38%	5 (−238 bp)	+15.4%	+37.9%
Hikes Jun 2004–Sep 2007	0.38% → 2.75%	10 (+238 bp)	+106.3%	+31.4%
Cuts Mar 2001–Mar 2003	3.50% → 0.38%	7 (−313 bp)	−16.5%	+1.1%
Hikes Feb 2000–Jun 2000	1.75% → 3.50%	3 (+175 bp)	−3.7%	−10.1%

Silver in CHF is the COMEX close times Swiss francs per US dollar (ECB reference rates: francs per euro ÷ dollars per euro). Past cycles are not a forecast; compare: ECB interest rate.

Year by Year

Year	Policy rate at year-end	Inflation (Dec)	$1 in CHF at year-end	Silver in CHF that year
2026 (so far)	0.00%	1.2%	0.8262	−19.8%
2025	0.00%	0.2%	0.7927	+112.0%
2024	0.50%	0.4%	0.9060	+31.2%
2023	1.75%	2.0%	0.8380	−9.3%
2022	1.00%	2.7%	0.9232	+3.5%
2021	-0.75%	1.3%	0.9121	−8.2%
2020	-0.75%	-1.0%	0.8803	+34.6%
2019	-0.75%	-0.1%	0.9662	+13.4%
2018	-0.75%	0.8%	0.9842	−8.0%
2017	-0.75%	1.1%	0.9757	+1.9%
2016	-0.75%	-0.2%	1.0188	+17.6%
2015	-0.75%	-1.3%	0.9952	−10.9%
2014	-0.25%	-0.1%	0.9904	−10.4%
2013	0.13%	0.2%	0.8901	−37.1%
2012	0.13%	-0.3%	0.9150	+3.5%
2011	0.13%	-0.4%	0.9395	−7.6%
2010	0.38%	0.5%	0.9358	+63.8%
2009	0.38%	0.1%	1.0298	+52.0%
2008	0.50%	0.4%	1.0670	−30.6%
2007	2.75%	2.0%	1.1240	+5.4%
2006	2.00%	0.5%	1.2201	+35.2%
2005	1.00%	1.0%	1.3182	+50.7%
2004	0.75%	—	1.1327	+4.9%
2003	0.38%	—	1.2335	+13.9%
2002	0.75%	—	1.3850	−15.0%
2001	1.75%	—	1.6826	+1.4%
2000	3.50%	—	1.6370	−12.0%

Inflation: HICP for Switzerland (Eurostat), 12-month rate in December (this year: the latest month). The Swiss Federal Statistical Office's own CPI can differ slightly.

Every SNB rate change since 2000 (39)

Effective	New rate	Change	Silver in CHF that day	1 month later
Jun 20, 2025	0.00%	−25 bp	CHF 29.42	+1.4%
Mar 21, 2025	0.25%	−25 bp	CHF 29.35	−10.9%
Dec 13, 2024	0.50%	−50 bp	CHF 27.35	−0.6%
Sep 27, 2024	1.00%	−25 bp	CHF 26.61	+7.3%
Jun 21, 2024	1.25%	−25 bp	CHF 26.39	−5.6%
Mar 22, 2024	1.50%	−25 bp	CHF 22.20	+11.5%
Jun 23, 2023	1.75%	+25 bp	CHF 20.05	+6.6%
Mar 24, 2023	1.50%	+50 bp	CHF 21.36	+6.3%
Dec 16, 2022	1.00%	+50 bp	CHF 21.54	+4.6%
Sep 23, 2022	0.50%	+75 bp	CHF 18.48	+0.7%
Jun 17, 2022	-0.25%	+50 bp	CHF 20.79	−14.8%
Jan 15, 2015	-0.75%	−50 bp	CHF 14.84	−6.1%
Dec 18, 2014	-0.25%	−38 bp	CHF 15.63	+1.1%
Aug 3, 2011	0.13%	−25 bp	CHF 31.63	+7.1%
Mar 12, 2009	0.38%	−13 bp	CHF 15.29	−3.0%
Dec 11, 2008	0.50%	−50 bp	CHF 12.37	+2.4%
Nov 20, 2008	1.00%	−100 bp	CHF 11.45	+3.8%
Nov 6, 2008	2.00%	−50 bp	CHF 12.22	−4.4%
Oct 8, 2008	2.50%	−25 bp	CHF 13.19	−10.2%
Sep 13, 2007	2.75%	+25 bp	CHF 14.73	+9.2%
Jun 14, 2007	2.50%	+25 bp	CHF 16.22	−1.3%
Mar 15, 2007	2.25%	+25 bp	CHF 15.69	+8.8%
Dec 14, 2006	2.00%	+25 bp	CHF 16.69	−6.3%
Sep 14, 2006	1.75%	+25 bp	CHF 14.16	+4.9%
Jun 15, 2006	1.50%	+25 bp	CHF 12.49	+19.4%
Mar 16, 2006	1.25%	+25 bp	CHF 13.35	+22.7%
Dec 15, 2005	1.00%	+25 bp	CHF 10.78	+7.7%
Sep 16, 2004	0.75%	+25 bp	CHF 7.97	+12.4%
Jun 17, 2004	0.50%	+13 bp	CHF 7.25	+14.6%
Mar 6, 2003	0.38%	−38 bp	CHF 6.18	−1.8%
Jul 26, 2002	0.75%	−50 bp	CHF 7.00	−4.5%
May 2, 2002	1.25%	−50 bp	CHF 7.29	+6.9%
Dec 7, 2001	1.75%	−50 bp	CHF 7.09	+11.5%
Sep 24, 2001	2.25%	−50 bp	CHF 7.19	−2.5%
Sep 18, 2001	2.75%	−50 bp	CHF 6.98	+3.4%
Mar 22, 2001	3.25%	−25 bp	CHF 7.46	+1.9%
Jun 15, 2000	3.50%	+50 bp	CHF 8.31	+1.2%
Mar 23, 2000	3.00%	+75 bp	CHF 8.49	−0.5%
Feb 3, 2000	2.25%	+50 bp	CHF 8.58	−3.3%

From the BIS series: the SNB policy rate from 13 June 2019, the middle of the SNB's target range for three-month Libor from 2000 to June 2019. Dates are when the new rate applied (usually the day after the announcement).

SNB Interest Rate: FAQ

What is the Swiss National Bank interest rate today?

The SNB policy rate is 0.00%, in force since 20 June 2025. Since June 2019 the SNB sets a single policy rate and keeps the overnight rate (SARON) close to it; before that it set a target range for the three-month Swiss franc Libor (the figures here use the middle of the range).

When is the next SNB rate decision?

The SNB announces its next quarterly monetary policy assessment on Thursday 10 December 2026 at 09:30 Swiss time. It decides four times a year, in March, June, September and December.

How do SNB rates affect the silver price in Swiss francs?

Silver is priced in US dollars. The franc is a safe-haven currency that tends to rise when markets are nervous, which can offset silver's gains for Swiss buyers. Very low or negative Swiss rates mean savers give up little or nothing by holding silver instead of cash, one reason silver is popular in Switzerland.

Where do the figures come from?

The policy rate from the Bank for International Settlements (central bank policy rates), inflation from Eurostat (HICP for Switzerland), and Swiss francs per US dollar from the ECB's euro reference rates. Silver in francs is our calculation from COMEX closes; today's figure uses the live spot price.

Policy rate: Bank for International Settlements, central bank policy rates (WS_CBPOL). BIS data portal (source: Swiss National Bank). Inflation: Eurostat, HICP annual rate of change (prc_hicp_minr). Exchange rates: Source: ECB statistics (ECB Data Portal). The BIS, Eurostat, the ECB and the Swiss National Bank do not endorse Corgano. The SNB's gold holdings (1,040 tonnes) are as reported in its annual reports. Silver prices are COMEX front-month futures closes; prices in francs, cycle and yearly changes, the real rate and gold values are Corgano's calculations.

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APA 7

Corgano. (2026, October 27). Swiss national bank interest rate today. Corgano Silver Price. Retrieved October 27, 2026, from https://silverprice.corgano.com/snb-interest-rate

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“Swiss National Bank Interest Rate Today.” Corgano Silver Price, silverprice.corgano.com/snb-interest-rate. Accessed 27 Oct. 2026.

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Corgano. “Swiss National Bank Interest Rate Today.” Corgano Silver Price. Accessed October 27, 2026. https://silverprice.corgano.com/snb-interest-rate.

BibTeX

@misc{corgano2026swissnationalbankinterest, author = {{Corgano}}, title = {Swiss National Bank Interest Rate Today}, howpublished = {\url{https://silverprice.corgano.com/snb-interest-rate}}, year = {2026}, note = {Corgano Silver Price, accessed 2026-10-27}}

Link

Swiss National Bank Interest Rate Today — Corgano Silver Price: https://silverprice.corgano.com/snb-interest-rate