Swiss National Bank press conference — 24 September 2026

Swiss National Bank press conference, 24 September 2026. The SNB held rates at 0.00%. This is a Swiss National Bank post-meeting press conference transcript from 24 September 2026 announcing an unchanged policy rate of 0%, with inflation having risen on energy prices but medium-term pressures only slightly higher, a ~3% trade-weighted franc depreciation, and softening labour conditions marked by higher unemployment and below-average capacity

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What this says

We have decided to leave 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.
Confirms a hold at zero with the tiering/discount structure unchanged — no imminent normalisation signal despite higher energy-driven inflation.

Inflation has risen further since June, primarily due to higher energy prices. Medium-term inflationary pressure has increased only slightly.
Frames the inflation uptick as energy-driven rather than broadening, giving the SNB cover to stay at 0% rather than tighten.

At the same time, capacity utilisation was below average, especially in manufacturing, while unemployment rose again somewhat through to early summer.
Slack in capacity and rising unemployment argue against any near-term tightening, keeping the policy bias skewed to hold/ease.

Since our last assessment, the Swiss franc has depreciated by around 3% on a trade-weighted basis. This depreciation was in line with the widening of interest rate differentials between the major currency areas and Switzerland.
Signals the SNB is comfortable with CHF weakness as a de facto easing channel, and flags FX intervention as the marginal policy tool rather than the rate.

Uncertainty about inflation and economic developments remains high, particularly regarding further developments in energy prices and their impact. We will therefore continue to monitor the situation and adjust our monetary policy if necessary, to ensure appropriate monetary conditions.
Data-dependent, non-committal guidance — optionality both ways, with no explicit easing or tightening bias to trade.

our monetary policy if necessary, to ensure appropriate monetary conditions.
Open-ended optionality with no direction or threshold given — confirms the SNB keeps full room to move but signals nothing new for the rate path, so it should not shift pricing.

We are also willing to intervene in the foreign exchange market as necessary.
Explicit readiness to lean against CHF strength is the effective easing lever when policy rates are low — caps upside in the currency and keeps Swiss financial conditions looser than the policy rate alone implies.

Transcript

Introductory remarks by the Governing Board, Swiss National Bank news conference

Ladies and gentlemen

On behalf of the Governing Board, it is my pleasure as Chairman to welcome you to the SNB's news conference. After our introductory remarks, we will as usual be pleased to take any questions you may have.

Monetary policy decision

I will begin with our monetary policy decision. We have decided to leave 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. We are 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. Our monetary policy is appropriate to keep inflation within the range consistent with price stability and supports economic development.

Authors

Chairman of the Governing Board

Vice Chairman of the Governing Board

Member of the Governing Board

What this says

Transcript

The Cadence Brief