# Swiss National Bank Holds Rate at 0% and Keeps FX Intervention Option

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/25369
Published: 2026-09-29T14:00:13.000Z
Updated: 2026-09-29T14:00:13.000Z
Section: Investing

> Inflation reached 0.8% in August, while the central bank projected price growth would remain within its 0% to 2% stability range through 2028.

The Swiss National Bank kept its policy rate at 0% on Sept. 24 and preserved the option to intervene in foreign-exchange markets as inflation remains within its target range.

The decision was announced at a news conference held at 4 a.m. ET (08:00 UTC) in Berne. Martin Schlegel, chairman of the SNB Governing Board, said, “We have therefore decided to leave the SNB policy rate unchanged.”

The Swiss franc had depreciated by about 3% on a trade-weighted basis since the previous monetary-policy assessment in June. Schlegel said the SNB was also willing to intervene in the foreign-exchange market as necessary to maintain appropriate monetary conditions.

Swiss inflation rose to 0.8% in August from 0.6% in May, mainly because of higher energy prices. Goods inflation turned positive in August for the first time since May 2024, with oil-product prices a major driver.

The SNB’s conditional forecast projects average annual inflation of 0.7% in 2026, 0.8% in 2027 and 0.8% in 2028, assuming the policy rate remains at 0% throughout the forecast period. Schlegel said the inflation forecast remained within the range consistent with price stability.

The SNB defines price stability as inflation between 0% and 2%. The bank expects Swiss economic growth of 1.5% to 2% in 2026 and about 1.5% in 2027.

The bank said global growth was stronger than expected in the second quarter. Higher energy prices and uncertainty surrounding the Middle East and trade policy could increase inflation and weaken economic activity.

Banks’ sight deposits at the SNB will continue to earn the policy rate up to a specified threshold. Deposits above that threshold will receive a rate discounted by 0.25 percentage points.