Swiss National Bank (SNB)
The Swiss National Bank (SNB) conducts the monetary policy of Switzerland. Unlike the Fed or the ECB, in principle it sets its policy rate only at its 4 quarterly monetary policy assessments, in March, June, September, and December: a statement on a Thursday at 9:30 a.m. Zurich time, which is also Paris time, then a press conference at 10:00 a.m. At these assessments it publishes a conditional inflation forecast; the SNB policy rate has been at 0% since June 2025, a level confirmed on September 24, 2026. Its mandate is price stability, which it defines as annual inflation below 2%, without deflation. The franc, a safe-haven currency, is its other front: the SNB says it is ready to intervene in the foreign exchange market if necessary. It can also act between assessments: on January 15, 2015, its surprise decision to abandon the floor of 1.20 francs per euro, together with a rate cut, sent the franc soaring. Upcoming releases: the economic calendar.
See also
The rate at which a central bank lends to commercial banks — the “rent on money.”
The set of levers a central bank uses to steer inflation and employment.
The central bank of the 21 euro area countries, which sets its policy rates 8 times a year.
The size and speed of an asset’s price swings.
The gap between the expected price and the price actually obtained.