Banks › Swiss National Bank › History › 19 Mar 2026
Swiss National Bank: decision of 19 March 2026
The Swiss National Bank left the SNB policy rate unchanged at 0% and said its willingness to intervene in the foreign exchange market had increased because of the conflict in the Middle East.
Decision
hold
- Rate
- 0.00%=0.00%
- Change
- 0 bp
- Announced
- 09:30 Zurich time
Sources
- Statement
- snb.ch/en/publications/communication…
- Introductory remarks, news conference
- snb.ch/en/publications/communication…
- Summary of discussion
- snb.ch/en/publications/communication…
- Recorded
- 19 Mar 2026
- Data
- JSON
What the bank said
The SNB said inflation had risen slightly, from 0.0% in November to 0.1% in February, and that its conditional inflation forecast was higher in the short term because of the rise in energy prices.
It said medium-term inflationary pressure was virtually unchanged and that the forecast, averaging 0.5% for 2026, stayed within the range of price stability over the whole horizon.
The SNB said greater readiness to intervene was meant to counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability.
Guidance. The SNB said it would continue to monitor the situation closely and adjust its monetary policy if necessary to ensure price stability over the medium term.
Before and after
- Previous decision: 11 Dec 2025, held the SNB policy rate at 0.00%.
- Next decision: 18 Jun 2026, held the SNB policy rate at 0.00%.
- All Swiss National Bank decisions and the rate history