SNB Interest Rate History
The Swiss National Bank's SNB policy rate is 0.00% after the decision of Sep 24, 2026. The calendar lists 81 SNB decisions since Mar 13, 2008: 5 hikes, 13 cuts and 63 holds; the last change was −25 bp on Jun 19, 2025.
SNB Interest Rate since 2008
Each step is a decision. Shaded: the hiking cycles in red and the cutting cycles in green.
SNB hiking and cutting cycles since 2008
A cycle is a run of moves in one direction, with holds between them; a move the other way starts the next.
| Cycle | From | To | Moves | In all | Rate |
|---|---|---|---|---|---|
| ▼ Cutting latest | Mar 21, 2024 | Jun 19, 2025 | 6 | −175 bp | 1.75% → 0.00% |
| ▲ Hiking | Jun 16, 2022 | Jun 22, 2023 | 5 | +250 bp | -0.75% → 1.75% |
| ▼ Cutting | Oct 8, 2008 | Jan 15, 2015 | 7 | −350 bp | 2.75% → -0.75% |
SNB Interest Rate by year
How many times the SNB met in each year, what it did, and where the rate ended the year.
| Year | Decisions | Hikes | Cuts | Holds | Net change | Year end |
|---|---|---|---|---|---|---|
| 2026 so far | 3 | — | — | 3 | 0 bp | 0.00% |
| 2025 | 4 | — | 2 | 2 | −50 bp | 0.00% |
| 2024 | 4 | — | 4 | — | −125 bp | 0.50% |
| 2023 | 4 | 2 | — | 2 | +75 bp | 1.75% |
| 2022 | 4 | 3 | — | 1 | +175 bp | 1.00% |
| 2021 | 4 | — | — | 4 | 0 bp | -0.75% |
| 2020 | 4 | — | — | 4 | 0 bp | -0.75% |
| 2019 | 4 | — | — | 4 | 0 bp | -0.75% |
| 2018 | 5 | — | — | 5 | 0 bp | -0.75% |
| 2017 | 4 | — | — | 4 | 0 bp | -0.75% |
| 2016 | 4 | — | — | 4 | 0 bp | -0.75% |
| 2015 | 5 | — | 1 | 4 | −50 bp | -0.75% |
| 2014 | 5 | — | 1 | 4 | −25 bp | -0.25% |
| 2013 | 4 | — | — | 4 | 0 bp | 0.00% |
| 2012 | 4 | — | — | 4 | 0 bp | 0.00% |
| 2011 | 5 | — | 1 | 4 | −25 bp | 0.00% |
| 2010 | 4 | — | — | 4 | 0 bp | 0.25% |
| 2009 | 4 | — | 1 | 3 | −25 bp | 0.25% |
| 2008 | 6 | — | 3 | 3 | −225 bp | 0.50% |
The SNB's records since 2008
Every SNB interest rate decision since 2008
Newest first. The decisions since 2025 open on their own page, with the minutes of price around them.
| Date | Decision | Rate | Change | Expected | |
|---|---|---|---|---|---|
| Sep 24, 2026 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Jun 18, 2026 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Mar 19, 2026 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Dec 11, 2025 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Sep 25, 2025 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Jun 19, 2025 | ▼ cut | 0.00% | −25 bp | 0.00% | |
| Mar 20, 2025 | ▼ cut | 0.25% | −25 bp | 0.25% | |
| Dec 12, 2024 | ▼ cut | 0.50% | −50 bp | 0.75% | |
| Sep 26, 2024 | ▼ cut | 1.00% | −25 bp | 1.00% | |
| Jun 20, 2024 | ▼ cut | 1.25% | −25 bp | 1.25% | |
| Mar 21, 2024 | ▼ cut | 1.50% | −25 bp | 1.75% | |
| Dec 14, 2023 | ■ hold | 1.75% | 0 bp | 1.75% | |
| Sep 21, 2023 | ■ hold | 1.75% | 0 bp | 2.00% | |
| Jun 22, 2023 | ▲ hike | 1.75% | +25 bp | 1.75% | |
| Mar 23, 2023 | ▲ hike | 1.50% | +50 bp | 1.50% | |
| Dec 15, 2022 | ▲ hike | 1.00% | +50 bp | 1.00% | |
| Sep 22, 2022 | ▲ hike | 0.50% | +75 bp | 0.50% | |
| Jun 16, 2022 | ▲ hike | -0.25% | +50 bp | -0.75% | |
| Mar 24, 2022 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Dec 16, 2021 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Sep 23, 2021 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Jun 17, 2021 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Mar 25, 2021 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Dec 17, 2020 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Sep 24, 2020 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Jun 18, 2020 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Mar 19, 2020 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Dec 12, 2019 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Sep 19, 2019 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Jun 13, 2019 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Mar 21, 2019 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Dec 13, 2018 | ■ hold | -0.75% | 0 bp | -1.25% | |
| Nov 13, 2018 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Sep 20, 2018 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Jun 21, 2018 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Mar 15, 2018 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Dec 14, 2017 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Sep 14, 2017 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Jun 15, 2017 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Mar 16, 2017 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Dec 15, 2016 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Sep 15, 2016 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Jun 16, 2016 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Mar 17, 2016 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Dec 10, 2015 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Sep 17, 2015 | ■ hold | -0.75% | 0 bp | — | |
| Jun 18, 2015 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Mar 19, 2015 | ■ hold | -0.75% | 0 bp | -0.75% | |
| Jan 15, 2015 | ▼ cut | -0.75% | −50 bp | — | |
| Dec 18, 2014 | ▼ cut | -0.25% | −25 bp | — | |
| Dec 11, 2014 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Sep 18, 2014 | ■ hold | 0.00% | 0 bp | — | |
| Jun 19, 2014 | ■ hold | 0.00% | 0 bp | — | |
| Mar 20, 2014 | ■ hold | 0.00% | 0 bp | — | |
| Dec 12, 2013 | ■ hold | 0.00% | 0 bp | — | |
| Sep 19, 2013 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Jun 20, 2013 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Mar 14, 2013 | ■ hold | 0.00% | 0 bp | — | |
| Dec 13, 2012 | ■ hold | 0.00% | 0 bp | — | |
| Sep 13, 2012 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Jun 14, 2012 | ■ hold | 0.00% | 0 bp | — | |
| Mar 15, 2012 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Dec 15, 2011 | ■ hold | 0.00% | 0 bp | 0.00% | |
| Sep 15, 2011 | ■ hold | 0.00% | 0 bp | — | |
| Aug 3, 2011 | ▼ cut | 0.00% | −25 bp | — | |
| Jun 16, 2011 | ■ hold | 0.25% | 0 bp | 0.25% | |
| Mar 17, 2011 | ■ hold | 0.25% | 0 bp | 0.25% | |
| Dec 16, 2010 | ■ hold | 0.25% | 0 bp | — | |
| Sep 16, 2010 | ■ hold | 0.25% | 0 bp | 0.25% | |
| Jun 17, 2010 | ■ hold | 0.25% | 0 bp | 0.25% | |
| Mar 11, 2010 | ■ hold | 0.25% | 0 bp | 0.25% | |
| Dec 10, 2009 | ■ hold | 0.25% | 0 bp | 0.25% | |
| Sep 17, 2009 | ■ hold | 0.25% | 0 bp | 0.25% | |
| Jun 18, 2009 | ■ hold | 0.25% | 0 bp | 0.25% | |
| Mar 12, 2009 | ▼ cut | 0.25% | −25 bp | 0.25% | |
| Dec 11, 2008 | ▼ cut | 0.50% | −150 bp | 0.50% | |
| The calendar misses a decision here: one moved the rate from 2.00% to 1.00%. | |||||
| Nov 6, 2008 | ▼ cut | 2.00% | −50 bp | — | |
| Oct 8, 2008 | ▼ cut | 2.50% | −25 bp | — | |
| Sep 18, 2008 | ■ hold | 2.75% | 0 bp | 2.75% | |
| Jun 19, 2008 | ■ hold | 2.75% | 0 bp | 2.75% | |
| Mar 13, 2008 | ■ hold | 2.75% | 0 bp | 2.75% | |
Source: FXStreet's economic calendar, read automatically. Expected is the economists' consensus where one was published. Check a figure against the SNB's own site before relying on it.
SNB Interest Rate history: questions
What is the SNB interest rate now?
0.00%, set on Thursday, September 24, 2026. The next decision is on Thursday, December 10, 2026 at 9:30 AM Zurich.
When did the SNB last change interest rates?
On Jun 19, 2025, a cut of 25 bp to 0.00%.
What is the highest the SNB policy rate has been since 2008?
2.75%, first set on Mar 13, 2008. The lowest was -0.75%, first set on Jan 15, 2015.
How many times did the SNB cut rates in its latest cycle?
6 times, −175 bp in all, from Mar 21, 2024 to Jun 19, 2025. The hiking cycle before it made 5 moves, +250 bp, from Jun 16, 2022 to Jun 22, 2023.
How often does the SNB surprise the market?
Of the 66 SNB decisions with a published consensus since Mar 13, 2008, 61 matched it, 2 came out above it (more hawkish than expected) and 3 below it (more dovish).
Where does this data come from?
FXStreet's economic calendar, read automatically and never typed by hand, and refreshed after every decision. The calendar misses a few meetings; where a missed one changed the rate, the table says so. Download it all as CSV.
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