The Swiss National Bank (SNB) lowered the benchmark Sight Deposit Rate by 25 basis points (bps) to 0.25% from 0.50%, following its monetary policy assessment for the March quarter on Thursday.
The decision aligned with the market expectations.
Summary of the SNB policy statement
SNB is ensuring that monetary conditions remain appropriate, given the low inflationary pressure and the heightened downside risks to inflation.
The economic outlook for Switzerland has become considerably more uncertain.
Against the backdrop of increased trade and geopolitical uncertainties worldwide, developments abroad continue to represent the main risk.
In its baseline scenario, the SNB anticipates that growth in the global economy will remain moderate over the coming quarters.
A more expansionary fiscal policy in Europe could provide stimulus to the economy in the medium term.
Underlying inflationary pressure should continue to ease gradually over the next quarters, particularly in Europe.
Anticipates that growth in the global economy will remain moderate over the coming quarters.
The situation could change rapidly and markedly, particularly from a trade and geopolitical perspective.
Increasing trade barriers could lead to weaker global economic development.
SNB sees 2025 Swiss GDP at around 1.0-1.5% (previous forecast was for 1.0-1.5%).
SNB sees 2026 Swiss GDP at around 1.5%.
SNB sees Q4 2027 inflation at +0.8%.
SNB sees 2025 inflation at 0.4% (previous forecast was for 0.3%).
SNB sees 2026 inflation at 0.8% (previous forecast was for 0.8%).
SNB sees 2027 inflation at 0.8%.
Market reaction to the SNB interest rate decision
The USD/CHF pair jumped nearly 40 pips to regain 0.8800 in an immediate reaction to the SNB interest rate decision before easing to 0.8800, where it now wavers. The pair is up 0.18% on the day.
Swiss Franc PRICE Today
The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies today. Swiss Franc was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.27% | 0.22% | -0.04% | 0.17% | 0.70% | 0.93% | 0.25% | |
| EUR | -0.27% | -0.06% | -0.29% | -0.10% | 0.42% | 0.66% | -0.02% | |
| GBP | -0.22% | 0.06% | -0.25% | -0.06% | 0.48% | 0.72% | 0.03% | |
| JPY | 0.04% | 0.29% | 0.25% | 0.20% | 0.72% | 0.93% | 0.35% | |
| CAD | -0.17% | 0.10% | 0.06% | -0.20% | 0.54% | 0.76% | 0.08% | |
| AUD | -0.70% | -0.42% | -0.48% | -0.72% | -0.54% | 0.24% | -0.45% | |
| NZD | -0.93% | -0.66% | -0.72% | -0.93% | -0.76% | -0.24% | -0.70% | |
| CHF | -0.25% | 0.02% | -0.03% | -0.35% | -0.08% | 0.45% | 0.70% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).
