Regulatory Alerts2026-03-19
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Monetary policy assessment of 19 March 2026
The Swiss National Bank kept its policy rate unchanged at 0% while increasing its willingness to intervene in foreign exchange markets to counter excessive Swiss franc appreciation driven by Middle East tensions. Inflation is projected to rise in the short term due to higher energy prices, with conditional forecasts averaging 0.5% for 2026 and 2027, though medium-term pressures remain stable. Swiss economic growth is expected to be subdued in the near term at around 1% for 2026, with significant risks stemming from global uncertainty and potential supply chain disruptions.
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