01
2000–2015
Libor target-range framework
The SNB steered monetary conditions through a target range for three-month CHF Libor.
CH
BONDSTATS / SNB
OFFICIAL-SOURCE ARCHIVE
Switzerland · CHF · MONETARY POLICY
Swiss National Bank
Interest Rate History
The SNB policy rate was introduced in June 2019. Before that, the SNB communicated a target range for three-month Swiss franc Libor. The two frameworks should not be treated as a perfectly continuous single series.
CURRENT PHASEZero-rate hold
LATEST RATE MOVE−25 bp · effective Jun 20, 2025
HISTORY LOW*-0.75%
HISTORY HIGH*1.75%
LARGEST MOVE*+75 bp
01
Policy-rate path
*Statistics refer to the selected points displayed in this BondStats archive, not necessarily the bank’s all-time extremes.
SNB policy-rate changes since its 2019 introduction, plus regime context for the earlier Libor-target framework.11 displayed rate changes
02
Policy regime timeline
02
2015–2022
Negative rates and FX intervention
Negative rates and foreign-exchange operations countered appreciation pressure and weak inflation.
03
2022–2023
Inflation normalization
The SNB exited negative rates and raised the policy rate to 1.75%.
04
2024–2025
Rapid easing
Falling inflation pressure brought the policy rate down from 1.75% to zero.
05
2025–2026
Zero-rate hold
The policy rate stayed at zero while the SNB retained willingness to intervene in FX markets.
04
Rate-change archive
Latest first · selected official changes and major transition points
| Date | Policy rate / target | Move | Context |
|---|---|---|---|
| 2026-06-18 | 0.00% | Hold | Latest verified hold |
| 2025-06-19 | 0.00% | -25 bp | Effective June 20 |
| 2025-03-20 | 0.25% | -25 bp | Official rate change |
| 2024-12-12 | 0.50% | -50 bp | Official rate change |
| 2024-09-26 | 1.00% | -25 bp | Official rate change |
| 2024-06-20 | 1.25% | -25 bp | Official rate change |
| 2024-03-21 | 1.50% | -25 bp | Official rate change |
| 2023-06-22 | 1.75% | +25 bp | Official rate change |
| 2023-03-23 | 1.50% | +50 bp | Official rate change |
| 2022-12-15 | 1.00% | +50 bp | Official rate change |
| 2022-09-22 | 0.50% | +75 bp | Exit from negative rates |
| 2022-06-16 | −0.25% | +50 bp | Official rate change |
| 2019-06-13 | −0.75% | — | SNB policy rate introduced |
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