Breaking: SNB surprises with a 50 bps cut to Sight Deposit Rate
|Following Thursday's quarterly monetary policy assessment, the Swiss National Bank (SNB) cut the benchmark Sight Deposit Rate by 50 basis points (bps) to 0.50% from 1.00%.
Swiss National Bank (SNB)
SNB delivers a surprise 50 bps rate cut in December
LATEST SNB MEASURES TO BATTLE INFLATION
SNB’s Martin: Made “absolutely no commitment” to its next course of action
|Swiss National Bank (SNB) Vice Chairman Antoine Martin said on Monday that the “SNB had made "absolutely no commitment" to its next course of action.”
SNB’s Schlegel: Ready to react to pressure on Swiss Franc
|Swiss National Bank (SNB) Chairman Martin Schlegel said on Wednesday that they are “ready to react to pressure on the Swiss Franc.”
SNB's Schlegel: Can't rule out negative rates, nothing is off the table
|Newly-minted Chairman of the Swiss National Bank (SNB) Martin Schlegel hit newswires on Tuesday, cautioning that further rate cuts haven't been ruled out.
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September MEETING REVIEW
SNB lowers Sight Deposit Rate by 25 bps to 1.0%, as expected
|The Swiss National Bank (SNB) announced on Thursday that it lowered the benchmark Sight Deposit Rate by 25 basis points (bps) from 1.25% to 1.00% after concluding its quarterly monetary policy assessment.
June MEETING REVIEW
SNB cuts Deposit Rate to 1.25%, as expected
|The Swiss National Bank (SNB) board members decided to cut the benchmark Sight Deposit Rate by 25 basis points (bps) from 1.50% to 1.25%, following its quarterly monetary policy assessment on Thursday.
MARCH MEETING REVIEW
Breaking: SNB unexpectedly cuts Deposit Rate by 25 bps to 1.50%
|Following its quarterly monetary policy assessment on Thursday, the Swiss National Bank (SNB) board members decided to cut the benchmark Sight Deposit Rate by 25 basis points (bps) from 1.75% to1.50%. The rate decision came in as a surprise to the markets.
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Big Picture
What is the SNB?
The Swiss National Bank (SNB) is Switzerland’s central bank, responsible for the country’s monetary policy and the sole issuer of Swiss Franc (CHF) banknotes. Its primary objective is to ensure price stability while considering economic developments, thereby fostering an environment conducive to economic growth.
To ensure price stability, the SNB aims to maintain appropriate monetary conditions, which are determined by the interest rate level and exchange rates. For the SNB, price stability means a rise in the Swiss Consumer Price Index (CPI) of less than 2% per year.
The SNB also manages currency reserves and contributes to financial system stability by analyzing sources of risk and identifying areas where action is needed.
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Who is SNB chair?
Martin Schlegel is a Swiss economist and Chairman of the Governing Board of the Swiss National Bank (SNB). He graduated in economics from the University of Zurich in 2003 and thereafter joined the Research unit at the SNB. Over the years, he has held various roles at the central bank, including leading the SNB’s Foreign Exchange and Gold Unit and heading the bank’s branch office in Singapore. The Federal Council appointed Schlegel as Chairman of the Governing Board with effect from October 1, 2024.
He is a member of the Executive Committee of the KOF Swiss Economic Institute at ETH Zurich and the president of the Foundation Council of the Study Center Gerzensee.
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The World Interest Rates Table
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.