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SNB

Swiss National Bank

SNBSwitzerlandEurope·CHF

Policy rate

0.25%

as of 2026-03-20

Next meeting

Sep 18

T-88d

Bias

DOVISH

The Swiss National Bank conducts monetary policy for Switzerland with a mandate of price stability while taking due account of economic developments. Policy assessments are published quarterly.

Meeting Schedule (2026)

Mar 20Jun 19Sep 18Dec 11

Policy decisions are announced on the dates above. Source: official central bank schedules.

Primary Currency
CHF
Cross-firm view, consensus targets, and live rate

Policy rate

0.25%

As of 2026-03-20

CHF 2026 consensus

0.78

median of 19 banks

CHF net longs (CFTC)

-10,785

latest as of

-836 WoW

Next macro event

Current Account (Q1)

Upcoming Macro Calendar — Switzerland

Next 8 high+medium impact events (next 30d)

DateEventCountryImpactConsensusPrevious
Current Account (Q1)CHMed11.9 B7 B
KOF Leading Indicators (Jun)CHMed97.898
Retail Sales YoY (May)CHMed1.6%
procure.ch Manufacturing PMI (Jun)CHMed48.857.3
CPI MoM (Jun)CHMed0.2%
Inflation Rate YoY (Jun)CHMed0.7%0.6%
Unemployment Rate (Jun)CHMed2.9%3%
Consumer Confidence (Jun)CHMed-42%-38%

Recent Commentary on SNB

Updated 4 days ago

5 most-recent items prefer LLM synthesis where available

ING THINK

Benign inflation keeps Swiss National Bank on hold

Despite prevailing benign inflationary trends, the Swiss National Bank (SNB) has opted to maintain its policy rate at 0%, reflecting a cautious yet stable monetary stance. As highlighted in the…

ING
ING THINK

Swiss National Bank preview: Little reason to move

Lead — The Swiss National Bank (SNB) is expected to maintain its policy rate at 0%, largely due to subdued inflationary pressures, as highlighted in the recent analysis. Per the full note [source],…

ING
BIS SPEECHES

Holta Zaçaj: Keynote speech - Balkan Payment Forum 2026

The desk interprets Ms. Holta Zaçaj's keynote at the Balkan Payment Forum as a signal of a progressive shift in regional payment infrastructure, emphasizing Albania's central role in facilitating…

central-bankMS

SNB Hawkish/Dovish Trajectory

100 statements scored, Apr 2026 → May 2026

Most hawkish: May 11, 2026 (Ida Wolden Bache: Policy rate raised to 4.25 percent, score +75)

Most dovish: Apr 30, 2026 (Christine Lagarde, Luis de Guindos: ECB press conference -…, score -35)

Bank Consensus on CHF

Aggregated 2026 year-end target across 19 sell-side firms

Median vs spot: -2.5%

Median
0.78
Spread
0.09
Top Bull
Citi0.83

CFTC Positioning — CHF

Updated 13 days ago

Non-commercial net longs over the past 8 weeks. Latest report: for SNB

Latest net

-10,785

CHF non-commercial contracts

WoW change

-836

-836 WoW

8-week trend

oldest → newest

Firm Coverage

Reports referencing SNB across covered research desks

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FX BANK FORECAST · COVERAGE

Institutional FX coverage in your inbox

Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.