SNB maintains its Policy rate at 0.00% as expected; prepared to intervene in currency markets to country currency appreciation if needed; "willingness to intervene in the foreign exchange market has increased"

Newsquawk StaffPublished 19 Mar 2026, 08:50 UTC

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SNB maintains its Policy rate at 0.00% as expected; prepared to intervene in currency markets to country currency appreciation if needed; "willingness to intervene in the foreign exchange market has increased"

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CHF

SNB counters a rapid and excessive appreciation of the CHF, which would jeopardize domestic price stability.
SNB's willingness to intervene in the foreign exchange market has increased.

OUTLOOK

Economic outlook in the coming months is uncertain.
The SNB will continue to monitor the situation closely and adjust its monetary policy if necessary, in order to ensure price stability over the medium term.

MIDDLE EAST

The global economic outlook is subject to significant risks, in particular owing to the situation in the Middle East.
In its baseline scenario, the SNB anticipates that the increase in energy prices will raise inflation in many countries in the short term. Furthermore, global economic growth is likely to temporarily slow somewhat.

INFLATION

The conditional inflation forecast for the coming quarters is higher than in December due to the rise in energy prices.
With the rise in energy prices due to the escalation in the Middle East, inflation is likely to increase more strongly in the coming quarters.
The conditional inflation forecast in the short term is higher than in December. In the medium term, it is slightly lower due to the stronger Swiss franc.

FORECASTS

Context

The SNB's decision to maintain its policy rate at 0.00% reinforces its commitment to supporting the Swiss economy while expressing heightened readiness to intervene in foreign exchange markets to prevent excessive CHF appreciation. This suggests a dovish stance amid rising global economic uncertainties and inflation driven by energy price increases, which could affect domestic price stability and necessitate future policy adjustments if conditions deteriorate.

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