Negative interest has applied since 22 January 2015 and currently corresponds to the SNB policy rate. Both the regular and the other monetary policy instruments are described in the Guidelines of the Swiss National Bank on monetary policy instruments. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.
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ZURICH (Reuters) - The Swiss National Bank is likely to keep its policy interest rate at minus 0.75% until the end of 2021 at least, according to economists polled by Reuters.All 34 analysts surveyed June 12-16 expected the central bank to stick to its current policy rate - the lowest in the world - when it gives its monetary policy assessment on Thursday.Some did not expect any change until late 2025, as the SNB faces the high value of the Swiss franc, deflationary risks and sluggish economic growth caused by the coronavirus pandemic.They also unanimously expected SNB Chairman Thomas Jordan to keep the interest rate on sight deposits, used to put a brake on the franc's rise, at -0.75%.
Policymakers added that in the light of the highly valued Swiss franc, the bank is willing to intervene more strongly in the foreign exchange market. fixing at the close of the trading day, "It will take much longer to get out of negative interest rates now than we ever thought before. "(Writing by John Revill; polling by Richa Rebello and Sujith Pai; editing by Jonathan Cable, Larry King) "Although the Swiss franc rose in May to its highest against the euro since July 2015, the safe-haven currency has since weakened against the single currency, giving the SNB some breathing space.Instead of cutting rates, analysts expect the SNB to continue with the currency interventions it has already ramped up this year, along with increased verbal warnings about its possible actions.
"It will be a boring meeting, but after all the recent turbulence boring is good," said UBS economist Alessandro Bee. It’s been relatively steady recently, though a further appreciation remains a risk.That would be a big a headache for manufacturers, who have “Negative interest remains central to our monetary policy to this day,” Jordan said. "It is likely the SNB will repeat its message that it is committed to doing whatever is necessary to prevent the rise of the franc, including repeating their readiness to cut interest rates if needed," said GianLuigi Mandruzzato, an economist at EFG Bank.
2020Independence, accountability and relationship with the ConfederationQ+A Independence and relationship with the ConfederationAddresses - head offices and representative officesForeign exchange reserves and Swiss franc bond investmentsInterest rates and foreign exchange rates (current)Swiss Balance of Payments and International Investment PositionQ+A Repo transactions and other monetary policy instrumentsQ+A Independence and relationship with the ConfederationQ+A Repo transactions and other monetary policy instrumentsAddresses - head offices and representative offices Special rate (liquidity-shortage financing facility) Swiss have had subzero interest rates for almost five years © The negative interest rate and the willingness to intervene are currently the best instruments.”The SNB’s latest forecasts bear out his concerns.
SARON is the most representative of these rates today. The Swiss National Bank said in a statement from Zurich on Thursday that it would begin charging banks 0.25 percent interest on bank deposits exceeding a certain threshold, effective Jan. 22. Swiss National Bank (SNB) Interest Rate Decision is announced four times a year during the SNB's Governing Board meeting. The Swiss Bankers Association has argued negative rates are no longer necessary, and a survey by Jordan spoke after the SNB left interest rates unchanged and reiterated its threat to intervene in currency markets if needed. Swiss National Bank, Zurich (Switzerland)
Swiss National Bank (SNB) governing board members come to a consensus on where to set the target range for the rate. Reference
Similar to their peers, Swiss policy makers have struggled to stoke price pressures, though their situation is complicated by the currency. Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. This base rate is also called the reference interest rate and is used by the Swiss central bank to guide the level of interest rates in the Swiss money market. The SNB seeks to keep the secured short-term Swiss franc money market rates close to the SNB policy rate. The Swiss National Bank kept its policy rate at -0.75 percent and the interest rate it charges on overnight deposits it holds for commercial banks at -0.75 percent during its June meeting, in line with market expectations. As of 13 June 2019, the SNB policy rate replaced the target range for the three-month Swiss franc Libor (London Interbank Offered Rate) previously used in the SNB's monetary policy strategy.
“If we were to dispense with it, Swiss interest rates would increase compared to those of other countries, Swiss franc investments would be markedly more attractive, and we would have to expect a marked and rapid appreciation in our currency.”