The Swiss National Bank decided to keep interest rates unchanged at 0.00%, as expected, at its meeting moments ago this morning, Thursday, September 25, following a series of six consecutive rate cuts. The bank also announced its readiness to intervene in the foreign exchange market if necessary.
The bank’s interest rate statement stated that inflationary pressures remained unchanged compared to the second quarter, and that monetary policy helps maintain inflation within a range consistent with price stability and supports economic development.

The bank will continue to monitor the situation and adjust monetary policy as necessary to ensure price stability.

Inflation has increased slightly since the last monetary policy assessment, rising from -0.1% in May to 0.2% in August, due to higher inflation in the tourism sector and imported goods. Average annual inflation is expected to reach 0.2% for the full year, 0.5% next year, and 0.7% in 2027.
Economic growth was weak in the second quarter after strong growth in the first quarter, due to major fluctuations in the pharmaceutical industry in the first half and the impact of US tariffs. The services sector supported the economy, and unemployment rates have risen significantly in recent months.