The Swiss National Bank has kept its key interest rate at zero, sticking with a policy that has held since June 2025 even as oil-driven inflation ticks higher
The bank says its stance remains appropriate to keep prices in the 0-to-2% target range and support the economy, though it warns that trade policy and currency movements remain sources of uncertainty.
The SNB also raised its 2026 growth forecast for Switzerland to between 1.5% and 2%, up from around 1% in June.
That puts the SNB on a different course to the US Federal Reserve and the European Central Bank, both of which have recently raised their rates.
Inflation is now projected at 0.7% this year and 0.8% next.
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