SNB Rate Decision September 2026: The SNB Holds Rates at Zero Again

The Swiss National Bank (SNB) kept its policy rate at 0% on 24 September 2026. This Swiss National Bank interest rate decision matched what economists had widely expected.

The real news sat in the detail. The SNB lifted its inflation forecast for every year up to 2028. It also returned to its standard wording on FX intervention.

USD/CHF rose to about 0.827 after the announcement, according to FXStreet. That was its highest level since late May. Past performance is not a reliable indicator of future results.

The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.

Key Takeaways

• The SNB kept the policy rate at 0% for the fifth meeting in a row.
• Banks earn 0.25 percentage points less on sight deposits above the threshold.
• The new forecast puts average inflation at 0.7% in 2026 and 0.8% in both 2027 and 2028.
• The SNB now says it is willing to be active in the FX market as necessary.
• The next scheduled decision is due on 10 December 2026.

The SNB Decision at a Glance

Source: Swiss National Bank press release, 24 September 2026 and press release, 18 June 2026. Forecasts are not a reliable indicator of future performance.

What Is the SNB Interest Rate Today?

The SNB policy rate is 0%. It has been at this level since the SNB cut it on 19 June 2025.

Banks earn the policy rate on their sight deposits up to a set threshold. Balances above that threshold earn 0.25 percentage points less, which works out at minus 0.25%.

Among major central banks, the SNB now has the lowest policy rate.

Five holds in a row at exactly the same level. At this point the SNB keeps better time than most Swiss watches.

How the SNB Got to Zero

The SNB raised its rate to 1.75% in June 2023 to fight inflation. It then cut six times in a row between March 2024 and June 2025.

Source: Swiss National Bank, monetary policy decisions.

SNB Inflation Forecast September 2026: A Little Higher

Swiss inflation rose from 0.6% in May to 0.8% in August. The SNB says higher goods prices drove the rise, with oil products in the lead.

According to ING, petroleum product prices in August were 25.2% higher than a year earlier.

The SNB conditional inflation forecast assumes the policy rate stays at 0% for the whole forecast horizon. On that basis, inflation stays within the 0% to 2% range that the SNB treats as price stability.

The SNB sees inflation rising a little further in the fourth quarter. It then expects energy inflation to ease during 2027.

Source: SNB press releases from March to September 2026. Forecasts are not a reliable indicator of future performance.

Why the Forecast Moved Up

• Oil products cost more than the SNB had assumed in June.
• A weaker Swiss franc makes imported goods more expensive.
• Global growth in the second quarter was stronger than the SNB expected.
• Inflation abroad remains above many central bank targets.

SNB Press Conference: Schlegel on Inflation and the Franc

Chairman Martin Schlegel said inflation has risen further since June, mostly because of energy prices. He added that medium-term inflationary pressure has increased only slightly (introductory remarks).

He said the SNB will keep monitoring the situation and adjust policy if necessary. He also acknowledged that low Swiss rates add to the franc's appeal for carry trades, according to FXStreet's live coverage.

Vice Chairman Antoine Martin said inflation is likely to remain elevated for some time. Governing Board member Petra Tschudin called second-quarter GDP growth exceptionally strong.

Hawkish and Dovish Signals Side by Side

SNB FX Intervention: What Changed

In March 2026 the SNB said its willingness to intervene had increased because of the Middle East conflict. In June it said it stood ready to act if safe-haven demand pushed the franc higher.

In September the SNB went back to its standard line. It said it is willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions.

The franc had weakened against the euro since June, so the pressure the SNB worried about has eased. Nomura had flagged a possible return to standard language before the meeting.

The SNB can buy foreign currency to weaken the franc. It can also sell foreign currency to support the franc. The SNB used such sales in 2023.

Weekly SNB sight deposits data can hint at FX activity, because intervention changes the money banks hold at the SNB.

Source: SNB press releases, 2026.

Swiss Franc Forecast: What Analysts Are Watching

This section sets out the factors that analysts cite. It does not offer a price target for the franc.

SNB vs Fed and Other Rate Gaps

Sources: SNB, Federal Reserve, Euronews on the ECB, OrbitRemit on the Bank of England, FXStreet on the Bank of Japan.

The Fed raised its target range to 3.75% to 4.00% on 16 September 2026. The vote was 12 to 0, and it was the Fed's first hike since July 2023. Our article on the Fed's September rate hike covers the decision in detail.

Futures markets price a probability of nearly 70% for another Fed hike in October, according to CME FedWatch data cited by FXStreet.

The ECB lifted its deposit rate to 2.50% on 10 September 2026. Euro area inflation reached 3.3% in August, the highest since September 2023 (Euronews).

Factors That Could Support the Franc

• The franc has often attracted demand in periods of stress, although this pattern has not held every time.
• A sharp rise in Swiss core inflation could revive talk of SNB hikes.
• Lower oil prices could ease the pressure from rate gaps, as ActionForex noted this week.
• SNB sales of foreign currency would add demand for francs.

Factors That Could Weigh on the Franc

• A further Fed hike would widen the gap between US and Swiss rates.
• Carry traders may keep using the franc as a low-cost funding currency.
• Further ECB hikes would add to the euro's yield advantage.
• Nomura notes that Swiss core inflation remains low.

Scenarios Analysts Discuss Before December

These scenarios are illustrative. They are not forecasts, and markets can react differently. Forecasts are not a reliable indicator of future performance.

EUR/CHF After SNB: The Main Drivers

The ECB deposit rate now sits 2.5 percentage points above the SNB policy rate. That gap is smaller than the gap with US rates. It still gives the euro a clear yield advantage.

ING says the franc has weakened moderately against the euro since the June meeting. It adds that the currency remains strong by historical standards.

Earlier this week EUR/CHF moved lower as oil prices eased, which ActionForex linked to smaller pressure from rate gaps.

USD/CHF SNB Decision Reaction: What Moved the Pair

USD/CHF rose to about 0.827 after the announcement, according to FXStreet (24 September 2026, 08:18 GMT). That was the pair's highest level since late May. Past performance is not a reliable indicator of future results.

FXStreet linked the move to the widening gap between SNB and Fed policy. Most Fed officials expect one more hike before the end of 2026, according to the September projections.

Market participants often follow US data releases in the run-up to the next Fed meeting on 27 to 28 October 2026.

CHF Carry Trade Explained

In a carry trade, a trader borrows in a low-yielding currency and holds a higher-yielding one. The Swiss franc fits the first role because the SNB policy rate is 0%.

A carry trade aims to earn the interest rate differential between two currencies. Exchange rate moves can wipe out that income quickly, and swap rates can change at any time.

Our guide to the carry trade in Forex explains how swaps work in more detail.

Borrowing in francs to buy dollars can look clever right up until the franc remembers it is a safe haven.

Will the SNB Raise Rates in 2027?

The SNB has not signalled a hike. Its latest forecast assumes a 0% policy rate over the whole horizon, which runs to 2028.

A Swiss Bankers Association survey from August found that all respondents expected 0% through the rest of 2026. Some 60% expected the rate to stay unchanged through 2027 (ActionForex).

Nomura sees the first hike in 2028 at the earliest. Newsquawk notes that some analysts see a chance of a hike next year.

Forecasts are not a reliable indicator of future performance.

SNB Negative Rates: Could They Return?

The SNB used negative rates from 2015 until September 2022. At the low point, the rate stood at minus 0.75%.

The SNB has not ruled negative rates out. Schlegel said in November 2025 that the bar for a return is very high.

Schlegel has pointed to side effects for savers and pension funds. The September forecast shows inflation rising within the price stability range.

What the SNB Decision Means for Switzerland

Swiss Economy Snapshot

Sources: ActionForex summary of the SNB release and FXStreet on DBS. The ING figure comes from ING THINK. Forecasts are not a reliable indicator of future performance.

The SNB says an unusually strong chemicals and pharmaceuticals sector overstated growth in the second quarter. Even so, it describes underlying growth as solid.

How Traders Often Prepare for Central Bank Decisions

The points below describe common risk management practices. They are general education and do not suggest any specific trade.

• Many traders check the Admiral Markets Forex Calendar for exact release times before a central bank decision.
• Spreads can widen and prices can gap around high-impact announcements.
• Stop-loss orders can help manage risk, although in fast markets they may be filled at a worse price than the level set.
• Hedging can serve as a risk management tool, although it adds its own costs and does not remove the risk of loss.
• Leverage magnifies both gains and losses, so a small move against a position can lead to a large loss.
• Traders who hold positions overnight usually factor swap charges into their plans.
• A demo account lets people practise with virtual funds before trading with real money.

Our guide on how to use the Forex Calendar shows how to read consensus figures next to actual results.

A Reminder from 2015

On 15 January 2015 the SNB removed its EUR/CHF floor of 1.20 without warning. The pair fell below parity within minutes. Many stop-loss orders were filled far from their set levels. Past performance is not a reliable indicator of future results.

SNB Next Meeting: December 2026

The next scheduled monetary policy assessment is on 10 December 2026. The SNB will also publish a summary of the September discussion about four weeks after the decision.

Sources: SNB schedule, central bank calendars. Dates can change.

Trading CHF Pairs with Admiral Markets

Admiral Markets offers the opportunity to trade CFDs on currency pairs, including EUR/CHF and USD/CHF, via MetaTrader 5. Spreads are floating and can change with market conditions and account type.

CFDs are leveraged products. You can lose money rapidly, and trading CFDs is not suitable for all investors.

Sources

• Swiss National Bank, monetary policy assessment of 24 September 2026.
• Swiss National Bank, introductory remarks at the news conference, 24 September 2026.
• Swiss National Bank, monetary policy assessment of 18 June 2026.
• Swiss National Bank, monetary policy assessment of 19 March 2026.
• Federal Reserve, FOMC statement of 16 September 2026.
• FXStreet, Swiss franc reaction to the SNB decision, 24 September 2026.
• FXStreet, Nomura preview of the SNB meeting, 17 September 2026.
• ING THINK, SNB preview, September 2026.
• ActionForex, SNB preview and EUR/CHF drivers, 23 September 2026.
• Euronews, ECB rate hike of 10 September 2026.

All sources were accessed on 24 September 2026.