Monetary policy assessment of 24 September 2026

Press release
Communications
P.O. Box, CH-8022 Zurich
Telephone +41 58 631 00 00 communications@snb.ch Berne, 24 September 2026 Monetary policy assessment of 24 September 2026 Swiss National Bank leaves SNB policy rate unchanged at 0% The Swiss National Bank is leaving the SNB policy rate unchanged at 0%. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. The SNB is also willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions. Inflation has risen further since June, primarily due to higher energy prices. Medium-term inflationary pressure has increased only slightly. Monetary policy is appropriate to keep inflation within the range consistent with price stability and supports economic development. Inflation rose slightly, from 0.6% in May to 0.8% in August. This increase was attributable to a rise in goods inflation, which was positive in August for the first time since May 2024. The rise in goods inflation was mainly driven by higher prices for oil products. According to the conditional inflation forecast, inflation will continue to rise somewhat in the fourth quarter, before declining again over the course of 2027. This decrease is due to the fact that energy inflation, which is currently significantly elevated, is likely to decline again in the coming quarters. Thereafter, the conditional inflation forecast rises slightly. The forecast for the shorter term is higher compared with the last monetary policy assessment. This is due to the higher-than-expected prices for oil products. For the medium term, too, the conditional inflation forecast is slightly higher than in the previous quarter, reflecting, among other things, the weakening of the Swiss franc. The conditional inflation forecast is within the range of price stability over the entire forecast horizon (cf. chart). It puts average annual inflation at 0.7% for 2026, 0.8% for 2027 and 0.8% for 2028 (cf. table). The forecast is based on the assumption that the SNB policy rate is 0% over the entire forecast horizon.