SZ SNB Quarterly Bulletin

Report for the attention of the Governing Board of the Swiss National Bank for its quarterly monetary policy assessment of March 2025 The report describes economic and monetary developments in Switzerland and explains the inflation forecast. It shows how the SNB views the economic situation and the implications for monetary policy it draws from this assessment. The first section (‘Monetary policy decision of 20 March 2025’) is an excerpt from the press release published following the assessment. This report is based on the data and ...

On 12 December 2024, the SNB decided to lower its policy rate by 0.5 percentage points to 0.5%. With this decision, the SNB took into account the reduction in inflationary pressure over the course of the quarter. • Global economic growth was moderate in the third quarter of 2024, and this is likely to remain the case in the coming quarters. In anticipation of a continued decline in inflation, various central banks cut their policy rates further. • Economic growth in Switzerland was modest in the third quarter of 2024. The SNB ...

The Swiss National Bank is lowering the SNB policy rate by 0.25 percentage points to 1.0%. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 0.5% above this threshold. The SNB also remains willing to be active in the foreign exchange market as necessary. Inflationary pressure in Switzerland has again decreased significantly compared to the previous quarter. Among other things, this decrease reflects the appreciation of the Swiss franc over the last three months. The ...

On 20 June 2024, the SNB decided to lower its policy rate by 0.25 percentage points to 1.25%. With its decision, the SNB took into account the further reduction in inflationary pressure quarter-on-quarter. Without this rate cut, the conditional inflation forecast would have been lower than in March. • Global economic growth was solid in the first quarter of 2024, and is likely to pick up somewhat further in the coming quarters. Although inflation moved sideways over the past months, and remained above central banks’ targets in many ...

Report for the attention of the Governing Board of the Swiss National Bank for its quarterly assessment of December 2023 The report describes economic and monetary developments in Switzerland and explains the inflation forecast. It shows how the SNB views the economic situation and the implications for monetary policy it draws from this assessment. The first section (‘Monetary policy decision of 14 December 2023’) is an excerpt from the press release published following the assessment. This report is based on the data and information ...

The Swiss National Bank is leaving the SNB policy rate unchanged at 1.75%. Banks’ sight deposits held at the SNB are remunerated at the SNB policy rate up to a certain threshold, and at 1.25% above this threshold. The SNB is also willing to be active in the foreign exchange market as necessary. Inflationary pressure has decreased slightly over the past quarter. However, uncertainty remains high. The SNB will therefore continue to monitor the development of inflation closely, and will adjust its monetary policy if necessary to ensure ...

Report for the attention of the Governing Board of the Swiss National Bank for its quarterly assessment of September 2023 The report describes economic and monetary developments in Switzerland and explains the inflation forecast. It shows how the SNB views the economic situation and the implications for monetary policy it draws from this assessment. The first section (‘Monetary policy decision of 21 September 2023’) is an excerpt from the press release published following the assessment. This report is based on the data and ...

On 22 June 2023, the SNB decided to further tighten its monetary policy. It raised the SNB policy rate by 0.25 percentage points to 1.75% to counter the renewed increase in inflationary pressure. The conditional inflation forecast was above that of March over the medium term, and would have been even higher without the rise in the SNB policy rate. • Global growth momentum and the outlook for the coming quarters remain subdued. Inflation has declined somewhat due to lower energy prices, but is still clearly above central banks’ ...