SNB Rate Decision: 2026 Schedule, Dates and What to Expect

The SNB rate decision is the Swiss National Bank’s quarterly monetary policy assessment, at which the Governing Board sets the SNB policy rate, the single interest rate used to steer Swiss money-market rates. The next assessment is on Thursday, September 24, 2026, announced at 09:30 CEST, which is 3:30 am ET and 8:30 am London. Decisions are taken by the SNB’s three-member Governing Board rather than a large committee, published as a press release on the bank’s website and explained at a news conference the same morning. This page carries the full forward schedule from the SNB’s official event calendar, the recent record of decisions and an ICS/Google Calendar feed so each assessment lands in your own diary automatically. Official schedule: Swiss National Bank event schedule.

Going into the September 2026 assessment, the policy rate stands at 0%, unchanged since the Governing Board cut it to zero in June 2025 and held it at every meeting since. That makes the SNB the lowest-rate major central bank in the developed world, and it means attention at each assessment falls less on the rate itself and more on the conditional inflation forecast and on the SNB’s language about intervening in the foreign exchange market to limit a rise in the Swiss franc.

2026 and 2027 schedule

The SNB holds four monetary policy assessments a year, usually in March, June, September and December, always on a Thursday. The dates below come from the SNB’s published event schedule. Announcement times are 09:30 in Zurich, which is 8:30 am London and 3:30 am ET when Switzerland is on Central European Summer Time (CEST), and 9:30 am London and 4:30 am ET when it is on Central European Time (CET) in the winter.

The SNB can also act between scheduled assessments if conditions demand it, as it did in January 2015 when it abandoned the franc’s ceiling against the euro. Unscheduled moves are rare, but they are always possible and they are never pre-announced.

What is the SNB rate decision?

The Swiss National Bank is Switzerland’s central bank. Its legal mandate is price stability, which it defines as annual consumer price inflation of below 2% but above 0%, while taking account of economic developments. Unlike most central banks, the SNB does not publish a single point target such as 2%: it aims to keep inflation inside a range, and it treats deflation, a sustained fall in prices, as just as much of a policy failure as high inflation.

At each quarterly assessment the Governing Board decides the level of the SNB policy rate. Banks’ sight deposits held at the SNB, in effect their cash accounts at the central bank, are remunerated at that policy rate up to a threshold, with balances above the threshold receiving a lower rate. At the June 2026 assessment that discount was left unchanged at 0.25 percentage points. This tiering is the plumbing that transmits the policy rate into the rates banks charge and pay each other, and from there into Swiss mortgage and savings rates.

The second lever, and the one that makes Switzerland unusual, is the exchange rate. The franc is a safe-haven currency: when investors are frightened, they buy francs, which pushes the currency up, makes imports cheaper and drags Swiss inflation down. Because Swiss inflation is already close to zero, a sharp appreciation is a direct threat to the SNB’s mandate. The bank therefore states explicitly when it is more willing to buy foreign currency to slow the franc’s rise, as it did in June 2026 when it said its willingness to intervene had increased.

Alongside the rate decision the SNB publishes a conditional inflation forecast covering roughly three years. It is called conditional because it assumes the policy rate stays where it has just been set for the whole forecast horizon. If the forecast drifts below zero, that is a signal that further easing, including a return to negative rates, is possible. If it climbs towards 2%, tightening moves back into view.

How is the decision made?

Monetary policy is decided by the SNB’s Governing Board, which has three members: the Chairman, the Vice Chairman and one further member, supported by their deputies. There is no published vote count and no dissent record, which is a sharp contrast with the Bank of England’s Monetary Policy Committee or the US Federal Open Market Committee. The board decides collegially, and the market therefore has no tally of hawks, who favour higher rates, and doves, who favour lower rates, to read.

The board meets over two days before the announcement. The June 2026 assessment, for example, was discussed on June 16 and 17 and communicated publicly on June 18. Since September 2025 the SNB has published a summary of the discussion four weeks after each decision, which gives a fuller picture of the arguments considered without naming individuals or votes.

Inputs include the Swiss consumer price index published monthly by the Federal Statistical Office, gross domestic product data, the exchange rate and financial conditions, the SNB’s own regional economic reports gathered from company visits, and the outlook for the euro area, Switzerland’s largest trading partner. Because the euro area accounts for such a large share of Swiss trade, decisions by the European Central Bank feed directly into the SNB’s calculus: a wide interest rate gap between Frankfurt and Zurich affects the franc, and the franc affects Swiss inflation.

Policy rate changes are typically made in steps of 25 basis points, where a basis point is one hundredth of a percentage point, so 25bp equals 0.25%. Larger moves happen: the SNB cut by 50bp in December 2024. Decisions are announced as taken and are not revised afterwards, though the accompanying inflation and growth forecasts are updated every quarter.

What time is the SNB decision released and where?

The decision is published at 09:30 Zurich time on the scheduled Thursday. That is 3:30 am ET and 8:30 am London when Switzerland is on summer time, as it is for the September 24, 2026 assessment, and 4:30 am ET and 9:30 am London in the winter months, which applies to December 10, 2026 and March 18, 2027. In Asia the announcement lands in the late afternoon: 3:30 pm in Singapore and Hong Kong and 4:30 pm in Tokyo during Swiss summer time.

The press release, the conditional inflation forecast and the introductory remarks appear together on the SNB website, and the Governing Board holds a news conference shortly afterwards. In June and December the SNB publishes fuller material, including a broader assessment of financial stability and economic conditions. There is no embargoed early release to the public: the material goes live at the stated time, and journalists who receive it in advance are bound by embargo. Because the announcement falls before the New York open, US-based investors usually see the reaction first in the Swiss franc and in European government bond markets.

Recent decisions

The SNB was the first major central bank to start cutting rates in the post-pandemic cycle, moving in March 2024 while the Federal Reserve and the ECB were still on hold. It delivered 175 basis points of cuts in total, taking the policy rate from 1.75% to zero in a little over 15 months, and has held there since.

Source: Swiss National Bank monetary policy assessments and the SNB’s record of monetary policy decisions, snb.ch.

At the March 19, 2026 assessment the SNB put average annual inflation at 0.5% for 2026, 0.5% for 2027 and 0.6% for 2028, on the assumption that the policy rate stays at 0% throughout. At the June 18, 2026 assessment it held the rate at zero, said medium-term inflationary pressure was virtually unchanged, noted that inflation had risen because of higher energy prices, and repeated that it had an increased willingness to intervene in the foreign exchange market. Its growth projections were around 1% for 2026 and around 1.5% for 2027.

What is the consensus forecast for September 24, 2026?

A consensus forecast for the September 2026 assessment has not yet been published. Forecasters will typically set expectations in the fortnight before the meeting, once the August and early-September Swiss inflation prints and the ECB’s September decision are known.

The starting point is a policy rate of 0% held at four consecutive assessments. Karsten Junius, chief economist at J. Safra Sarasin, said in December 2025 that he did not expect policy rate changes in 2026 and forecast the first rate increase in the second half of 2027, a view reported by Morningstar. Capital Economics has argued the opposite risk, publishing research that expected the SNB to cut by 25bp to minus 0.25% once inflation had been stuck near zero for long enough. Those two positions frame the debate: with rates already at zero, the next move could plausibly be in either direction, and the SNB has been clear that it would rather intervene in currency markets than take rates negative again.

Three things are worth watching on the day beyond the headline rate: whether the conditional inflation forecast dips below zero at any point in the horizon, whether the phrase about willingness to intervene in the foreign exchange market is strengthened or softened, and whether the discount applied to sight deposits above the threshold, 0.25 percentage points as of June 2026, is changed. Any of those can move the franc even if the rate itself is unchanged.

How do markets react?

The Swiss franc is the main transmission channel. Because the policy rate has been pinned at zero, franc moves on SNB day are driven mostly by the tone of the statement rather than by the rate. Signals that the SNB is more willing to buy foreign currency, or that it is uncomfortable with franc strength, tend to weaken the currency against the euro and the dollar. Language suggesting the bank is comfortable with current conditions and sees no need to act tends to let the franc appreciate. Moves are usually measured in fractions of a percent within minutes, larger when the outcome surprises.

Swiss government bonds, known as Confederation bonds, react to the inflation forecast. A lower forecast implies rates stay at zero or go negative for longer, which pushes yields down; a higher forecast does the reverse. Swiss yields have at times traded below zero at the short end, an unusual feature that reflects the same safe-haven demand that lifts the franc.

Equities respond indirectly. The Swiss Market Index is dominated by large exporters and multinationals in pharmaceuticals, food and luxury goods, which earn much of their revenue abroad. A stronger franc reduces the franc value of those foreign earnings, so a hawkish surprise that lifts the currency can weigh on the index even as it signals confidence in the economy. Domestically focused banks and insurers are more sensitive to the level of interest rates itself, because a zero or negative policy rate compresses the margin between what they pay depositors and what they earn on loans.

Spillovers reach beyond Switzerland. When SNB decisions weaken the franc, that eases pressure on borrowers in central and eastern Europe who historically took franc-denominated mortgages. Euro-area investors watch the euro-franc rate as a broad gauge of risk appetite in Europe, and a sharp franc rally is often read as a warning sign for European credit and equity markets more generally. In Asia, the announcement arrives late in the trading day and typically has limited direct effect, though it feeds into the following session’s read on global rate direction alongside the Bank of Japan.

What It Means for Your Money

If you have a Swiss mortgage. The SNB policy rate feeds into Saron, the reference rate used for variable-rate Swiss mortgages. With the policy rate at 0%, Saron-linked payments have been about as low as they can go. A cut into negative territory would offer little further relief, because lenders apply floors and margins; a future increase would raise variable payments fairly quickly. Fixed-rate mortgages price off longer-term market rates, which react to the inflation forecast rather than to the current policy rate.

If you hold Swiss savings. Interest on ordinary Swiss savings accounts has been close to zero for years, and there is no realistic route to meaningful deposit rates until the SNB starts raising again. If inflation is running at 0.5%, the practical loss of purchasing power on cash is small, which is a genuine difference from savers in the UK or the US, where higher inflation has eroded cash balances faster.

If you are paid in francs or spend them. Cross-border workers, tourists and anyone holding a franc account are directly affected by post-decision currency moves. A stronger franc makes Swiss holidays, restaurants and rents more expensive for visitors and makes imports cheaper for residents. A weaker franc does the reverse.

If you have a pension or investments. Swiss pension funds have struggled with zero and negative rates because they must generate returns to meet promised payouts, which pushes them towards equities, property and foreign bonds. If you hold a global equity fund, your exposure to Swiss pharmaceutical and consumer names means the franc’s level quietly affects returns in your home currency. For UK and euro-area investors, a sustained franc appreciation raises the sterling or euro value of Swiss holdings, but can pressure the underlying share prices.

If you work in an export-facing job. Switzerland’s manufacturing, machinery, watchmaking and tourism sectors are highly exposed to the exchange rate. A persistently strong franc squeezes margins and, over time, hiring. That is precisely why the SNB treats currency intervention as a core policy tool rather than an emergency measure.

Practical takeaway. For most people outside Switzerland, a single SNB assessment is a signal rather than an event that changes their finances. It is most useful as a read on how much deflationary pressure Europe is under, and as a reminder that safe-haven demand for francs tends to rise exactly when other markets are under stress.

Related economic events

• ECB Rate Decisions: the euro area sets the backdrop for Swiss inflation and the euro-franc exchange rate.
• Bank of Japan Rate Decisions: the other historically ultra-low-rate central bank, and a key driver of global carry trades that affect the franc.
• Bank of Canada Rate Decisions: a useful comparison for a small open economy running an inflation-targeting framework.
• RBNZ Rate Decisions: another small open economy whose currency swings on rate expectations.

Frequently Asked Questions

When is the next SNB rate decision?

The next monetary policy assessment is on Thursday, September 24, 2026, with the announcement at 09:30 CEST. The following assessment is December 10, 2026.

What time is the SNB decision announced?

At 09:30 Zurich time, which is 3:30 am ET and 8:30 am London during Central European Summer Time, and 4:30 am ET and 9:30 am London during Central European Time in the winter.

How often does the SNB set interest rates?

Four times a year, at quarterly monetary policy assessments usually held in March, June, September and December, always on a Thursday. The bank can act between meetings in exceptional circumstances.

Where can I find the official SNB release?

On the Swiss National Bank website at snb.ch, where the press release, conditional inflation forecast and introductory remarks are published at 09:30 Zurich time, followed by a news conference. The confirmed dates are listed on the SNB’s event schedule.

How does the SNB decision affect interest rates I pay?

The policy rate feeds into Swiss money-market rates and from there into Saron-linked variable mortgages and deposit rates, so changes reach Swiss borrowers and savers within weeks. Outside Switzerland the effect is indirect, mainly through the franc’s exchange rate and through European bond yields.