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SNB Interest Rate Decision
The Governing Board sets the SNB policy rate. The next decision is on Thursday, December 10, 2026 at 9:30 AM Zurich.
SNB interest rate decision on Dec 10, 2026
Swiss National Bank · Governing Board
- Zurich
- Thu, Dec 10 · 9:30 AM Zurich
- New York
- Thu, Dec 10 · 3:30 AM EST
- London
- Thu, Dec 10 · 8:30 AM London
- UTC
- Thu, Dec 10 · 8:30 AM UTC
- Your time
- 8:30 AM UTC
- Press conference
- 10:00 AM Zurich
- Projections
- No projections this time
- Expected
- No consensus yet
How USD/CHF reacts to the SNB decision
Measured on one-minute candles, every decision since January 2025, the same way each time. How we measure.
In 4 of 7 measured SNB decisions the first spike closed back inside the hour-before range within 60 minutes, and in 1 of those price then took the other side within four hours. In the other 3 (43%) the first move held. The median move in the first 15 minutes was 17 pips.
| Date | Decision | Against expected | Hour before | First side | Closed back | After 60 min |
|---|---|---|---|---|---|---|
| Sep 24, 2026 | ■ hold 0.00% | as expected | 15 pips | ▲ 36 pips | No | +49 pips |
| Jun 18, 2026 | ■ hold 0.00% | as expected | 13 pips | ▲ 11 pips | 15 min | +25 pips |
| Mar 19, 2026 | ■ hold 0.00% | as expected | 17 pips | ▲ 7.9 pips | 5 min | +8.4 pips |
| Dec 11, 2025 | ■ hold 0.00% | as expected | 12 pips | ▼ 4.3 pips | 30 min | −1.4 pips |
| Sep 25, 2025 | ■ hold 0.00% | as expected | 10 pips | ▲ 0.4 pips | 5 min | +1.1 pips |
| Jun 19, 2025 | ▼ cut 0.00% | as expected | 17 pips | ▼ 26 pips | No | −33 pips |
| Mar 20, 2025 | ▼ cut 0.25% | as expected | 14 pips | ▲ 50 pips | No | +46 pips |
Counts include the decisions where the first spike did not close back. Up and down are the pair USD/CHF. Past reactions describe what happened; they are not a forecast.
SNB rate decisions since 2024
Every SNB decision on the SNB policy rate since 2024, newest first. Between 0.00% and 1.75% over the period. The full SNB rate history since 2008 has every decision, the cycles and a CSV.
| Date | Decision | Rate | Expected | Previous | Change |
|---|---|---|---|---|---|
| Sep 24, 2026 | ■ hold | 0.00% | Hold at 0.00% | 0.00% | 0 bp |
| Jun 18, 2026 | ■ hold | 0.00% | Hold at 0.00% | 0.00% | 0 bp |
| Mar 19, 2026 | ■ hold | 0.00% | Hold at 0.00% | 0.00% | 0 bp |
| Dec 11, 2025 | ■ hold | 0.00% | Hold at 0.00% | 0.00% | 0 bp |
| Sep 25, 2025 | ■ hold | 0.00% | Hold at 0.00% | 0.00% | 0 bp |
| Jun 19, 2025 | ▼ cut | 0.00% | Cut 25 bp to 0.00% | 0.25% | −25 bp |
| Mar 20, 2025 | ▼ cut | 0.25% | Cut 25 bp to 0.25% | 0.50% | −25 bp |
| Dec 12, 2024 | ▼ cut | 0.50% | Cut 25 bp to 0.75% | 1.00% | −50 bp |
| Sep 26, 2024 | ▼ cut | 1.00% | Cut 25 bp to 1.00% | 1.25% | −25 bp |
| Jun 20, 2024 | ▼ cut | 1.25% | Cut 25 bp to 1.25% | 1.50% | −25 bp |
| Mar 21, 2024 | ▼ cut | 1.50% | Hold at 1.75% | 1.75% | −25 bp |
How the Governing Board decides
Swiss National Bank · Switzerland
- Meetings
- Four monetary policy assessments a year: March, June, September and December.
- Announcement
- The decision is published at 9:30 am Zurich time.
- Press conference
- The press conference starts at 10:00 am.
- Projections
- Every assessment comes with the SNB's conditional inflation forecast.
- Who votes
- The three members of the Governing Board.
Check times against the bank's own calendar.
- The decision against what was expected; with four meetings a year each one carries more.
- What the SNB says about intervening in the currency market: it can move the franc more than the rate.
- The conditional inflation forecast.
Which way USD/CHF moves. CHF is the second currency in USD/CHF, so a hawkish surprise (a bigger hike, a smaller cut, a hold when a cut was expected) tends to push USD/CHF down, and a dovish one to push it up.
SNB meeting dates 2026 and 2027
Every upcoming SNB interest rate decision. Times in Zurich and New York; your own time is on each decision's page. By year: SNB meeting dates 2025 · SNB meeting dates 2026 · SNB meeting dates 2027.
| Date | Zurich time | New York | Expected | With projections | |
|---|---|---|---|---|---|
| Thu, Dec 10, 2026 | 9:30 AM Zurich | Thu, Dec 10 · 3:30 AM EST | Not yet | — | Preview → |
| Thu, Mar 18, 2027 | 9:30 AM Zurich | Thu, Mar 18 · 4:30 AM EDT | Not yet | — | |
| Thu, Jun 24, 2027 | 9:30 AM Zurich | Thu, Jun 24 · 3:30 AM EDT | Not yet | — | |
| Thu, Sep 23, 2027 | 9:30 AM Zurich | Thu, Sep 23 · 3:30 AM EDT | Not yet | — | |
| Thu, Dec 16, 2027 | 9:30 AM Zurich | Thu, Dec 16 · 3:30 AM EST | Not yet | — |
SNB interest rate decision: questions
What time is the SNB interest rate decision?
9:30 am Zurich time, with the press conference at 10:00 am.
When is the next SNB meeting?
The next SNB interest rate decision is on Thursday, December 10, 2026 at 9:30 AM Zurich, with the press conference at 10:00 AM Zurich. Times are in Zurich time; the meeting dates below give the rest of the schedule.
What is the SNB interest rate now?
The SNB policy rate is 0.00%. The last change was a cut of 25 bp on Jun 19, 2025.
How does the SNB decision move USD/CHF?
In 4 of 7 measured SNB decisions the first spike closed back inside the hour-before range within 60 minutes, and in 1 of those price then took the other side within four hours. In the other 3 (43%) the first move held. The median move in the first 15 minutes was 17 pips. CHF is the second currency in USD/CHF, so a hawkish surprise (a bigger hike, a smaller cut, a hold when a cut was expected) tends to push USD/CHF down, and a dovish one to push it up. Past reactions describe what happened, not what will.
Learn the read behind every projection.
Forexia teaches the same read this site measures: where the stops rest before a release, the hunt, and the close back that says it is done. Courses, live signals for members, and a community of traders who chart the same way.