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SNB keeps its policy rate at 0% in September 2026

On 24 September 2026 the SNB left its policy rate at 0%, forecasting inflation of 0.7% in 2026 and 0.8% in both 2027 and 2028.

NEWS

Dr Pier Paolo Gori

10/18/20261 min read

Updated October 2026 · by Dr Pier Paolo Gori

On 24 September 2026 the Swiss National Bank (SNB) left its policy rate unchanged at 0%. According to the SNB, inflation rose from 0.6% in May to 0.8% in August, mainly because of higher energy prices, while medium-term inflationary pressure increased only slightly.

What the SNB expects

  • Inflation (forecast assuming a 0% policy rate): 0.7% in 2026, 0.8% in 2027 and 0.8% in 2028.

  • GDP growth: between 1.5% and 2% in 2026, around 1.5% in 2027.

  • Swiss franc: the SNB remains willing to be active in the foreign exchange market as necessary.

Why it matters

The policy rate steers the cost of borrowing in Swiss francs, for example for SARON-linked mortgages. For rents, the relevant figure is the mortgage reference rate, published separately by the Federal Office for Housing.

More: “How much do homes cost in Ticino?”.

Sources: SNB, 24.9.2026 – Monetary policy assessment