The Swiss National Bank has once again held its benchmark interest rate steady, as expected, even after the Iran war has a significantly strengthened the country’s currency and raised its inflation outlook.
The SNB said Thursday that it would keep its policy rate at zero percent, a level set in June 2025. Virtually all economists polled had predicted the decision – the fourth hold in a row – with the vast majority anticipating the rate to remain the same throughout 2026. Unchanged rates in June, September, and December followed six straight cuts that began in March 2024.
EUR/CHF edged higher after the decision to trade just above 0.91 before falling back below that mark later in the session. USD/CHF was little changed around 0.79. The Fed left its interest rates as is on Wednesday, as expected. Economists predict officials at the European Central Bank will do the same later Thursday.
“Given the conflict in the Middle East, the SNB's willingness to intervene in the foreign exchange market has increased,” the bank said in a statement. “The SNB thereby counters a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland.”
Steady as she goes
With the Iran war far still roiling the Middle East and the world’s energy markers, the current battle cry among most of the world’s central banks appears to be, Wait and see.
As SNB Chairman Martin Schlegel put it, “Uncertainty about inflation and economic development is currently elevated. We will therefore continue to monitor the situation closely and adjust our monetary policy if necessary, to ensure appropriate monetary conditions.”
He noted that the bank sees "higher hurdles" for negative interest rates.
The SNB said it is increasingly ready to intervene on the currency market. “In times of uncertainty, the Swiss franc is sought after as a safe haven,” Schlegel noted. “With the escalation in the Middle East, the upward pressure has increased once again. On a trade-weighted basis, the Swiss franc has increased by around 2.5% since mid-December.”
Schlegel said the bank does not intervene to foreign exchange markets to help Swiss exporters, a concern in Washington. Bank officials declined to comment on whether the SNB has been active in currency markets this year.
Analysts note that higher energy prices can spur inflation, but higher demand for a nation’s currency, such as with the Swiss franc, can dampen consumer price growth.
The bank raised is estimates for annual consumer price growth for this year to 0.5% from the 0.3% forecast in December. It cut the 2027 rate a tenth to 0.5% from the previous 0.6%, and it predicted 0.6% in 2027. All are well within the SNB inflation target range of 0-2%.
“The conditional inflation forecast for the coming quarters is higher than in December due to the rise in energy prices,” the bank noted. “Medium-term inflationary pressure, however, has remained virtually unchanged since the last monetary policy assessment.”
The bank also announced that GDP growth this year was expected at 1% -- the previous forecast – with expansion of 1.5% anticipated in 2027.
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data_array.from_react = data.from_react;
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postMessage({action: 'PublisherChannelJoined' });
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logging_interval = setTimeout(session_info_interval,logging_interval_time);
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socket.close();
connect_to_assigned_server();
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case 'reconnect': postMessage({ action: 'VisibleConsole',console_string: "Reconnected" }); break;
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case 'new_latest_news':
case 'delete_report':
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case 'add_ref_doc':
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case 'calendar_insert':
case 'calendar_delete':
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postMessage(data);
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session_info_interval();
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session_info.user_agent = data.user_agent;
session_info.browser_version = data.browser_version;
session_info.cookies_enabled = data.cookies_enabled;
session_info.platform = data.platform;
session_info.player_version = data.player_version;
session_info.stream = data.stream;
session_info.connection_protocol = data.protocol;
session_info.delay_target = data.delay_target;
session_info.session_email = data.session_email;
session_info.remote_ip = data.remote_ip;
session_info.php_session_id = data.php_session_id;
session_info.application_name = data.application_name;
session_info.http_referrer = data.http_referrer;
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function start_log() {
var session_start_date = new Date();
session_start_time = session_start_date.getTime();
var months = ['Jan','Feb','Mar','Apr','May','Jun','Jul','Aug','Sep','Oct','Nov','Dec'];
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data_array.username = session_info.session_email;
data_array.php_session_id = session_info.php_session_id;
data_array.webrtc_protocol = '';
data_array.session_start_time = (session_start_time/1000).toFixed(0);
data_array.stream_name = session_info.stream;
data_array.session_start_date = session_start_date_string;
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function update_session_info(data) {
var data_array = {};
var msg_string = '';
var current_date = new Date();
var current_time = current_date.getTime();
session_info.protocol = data.protocol;
session_info.curr_delay = (data.effective_latency / 1000).toFixed(2);
session_info.session_length = current_time - session_start_time;
session_info.ping_time = data.ping_time;
session_info.jitter = data.jitter;
session_info.packet_loss = data.packet_loss;
session_info.effective_latency = data.effective_latency;
session_info.mean_opinion_score = data.mean_opinion_score;
session_info.restarts = data.restarts;
if (socket_emits == 0) {
data_array = {};
data_array.type = 'webrtc_log_data_full';
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data_array.threshold = 0;
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data_array.date = current_time;
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data_array.platform = session_info.platform;
data_array.player_version = session_info.player_version;
data_array.stream = session_info.stream;
data_array.restarts = session_info.restarts;
data_array.delay_target = 0;
data_array.op_sys = '';
data_array.flash_version = '';
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data_array.http_referrer = session_info.http_referrer;
data_array.php_session_id = session_info.php_session_id;
data_array.user_email = session_info.session_email;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.session_id = session_info.session_id;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
else {
data_array = {};
data_array.type = 'webrtc_log_data';
data_array.session_id = session_info.session_id;
data_array.php_session_id = session_info.php_session_id;
data_array.connection_protocol = session_info.protocol;
data_array.restarts = session_info.restarts;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.stream = session_info.stream;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
socket_emits++;
if (socket_emits == 100) { socket_emits = 0; }
}
UPDATED AT 10:34 GMT
(Corrects comments on negative rates)
- Hurdles for negative rates higher
- Bank more willing to act on FX markets
- Inflation outlook rises for ‘26
By Eric Culp, European Editor
LiveSquawk News
@eculp.bsky.social
@EricCulpLS
19 March 2026 | 09:45 GMT
The Swiss National Bank has once again held its benchmark interest rate steady, as expected, even after the Iran war has a significantly strengthened the country’s currency and raised its inflation outlook.
The SNB said Thursday that it would keep its policy rate at zero percent, a level set in June 2025. Virtually all economists polled had predicted the decision – the fourth hold in a row – with the vast majority anticipating the rate to remain the same throughout 2026. Unchanged rates in June, September, and December followed six straight cuts that began in March 2024.
EUR/CHF edged higher after the decision to trade just above 0.91 before falling back below that mark later in the session. USD/CHF was little changed around 0.79. The Fed left its interest rates as is on Wednesday, as expected. Economists predict officials at the European Central Bank will do the same later Thursday.
“Given the conflict in the Middle East, the SNB's willingness to intervene in the foreign exchange market has increased,” the bank said in a statement. “The SNB thereby counters a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland.”
Steady as she goes
With the Iran war far still roiling the Middle East and the world’s energy markers, the current battle cry among most of the world’s central banks appears to be, Wait and see.
As SNB Chairman Martin Schlegel put it, “Uncertainty about inflation and economic development is currently elevated. We will therefore continue to monitor the situation closely and adjust our monetary policy if necessary, to ensure appropriate monetary conditions.”
He noted that the bank sees "higher hurdles" for negative interest rates.
The SNB said it is increasingly ready to intervene on the currency market. “In times of uncertainty, the Swiss franc is sought after as a safe haven,” Schlegel noted. “With the escalation in the Middle East, the upward pressure has increased once again. On a trade-weighted basis, the Swiss franc has increased by around 2.5% since mid-December.”
Schlegel said the bank does not intervene to foreign exchange markets to help Swiss exporters, a concern in Washington. Bank officials declined to comment on whether the SNB has been active in currency markets this year.
Analysts note that higher energy prices can spur inflation, but higher demand for a nation’s currency, such as with the Swiss franc, can dampen consumer price growth.
The bank raised is estimates for annual consumer price growth for this year to 0.5% from the 0.3% forecast in December. It cut the 2027 rate a tenth to 0.5% from the previous 0.6%, and it predicted 0.6% in 2027. All are well within the SNB inflation target range of 0-2%.
“The conditional inflation forecast for the coming quarters is higher than in December due to the rise in energy prices,” the bank noted. “Medium-term inflationary pressure, however, has remained virtually unchanged since the last monetary policy assessment.”
The bank also announced that GDP growth this year was expected at 1% -- the previous forecast – with expansion of 1.5% anticipated in 2027.
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