Swiss National Bank
SNB operating target (BIS-derived), 0.00% since 20 June 2025.
as of 2026-09-08 · own history joined to BIS · 132 decisions since 1907
Switzerland·CHF·all central banks2026-09-08 · 0.00%
Every decision
Newest first; a shaded row marks a change of instrument.
| Date | Level | Change | Instrument |
|---|---|---|---|
| 2025-06-20 | 0.00% | −0.25% | SNB operating target (BIS-derived) |
| 2025-03-21 | 0.25% | −0.25% | SNB operating target (BIS-derived) |
| 2024-12-13 | 0.50% | −0.50% | SNB operating target (BIS-derived) |
| 2024-09-27 | 1.00% | −0.25% | SNB operating target (BIS-derived) |
| 2024-06-21 | 1.25% | −0.25% | SNB operating target (BIS-derived) |
| 2024-03-22 | 1.50% | −0.25% | SNB operating target (BIS-derived) |
| 2023-06-23 | 1.75% | +0.25% | SNB operating target (BIS-derived) |
| 2023-03-24 | 1.50% | +0.50% | SNB operating target (BIS-derived) |
| 2022-12-16 | 1.00% | +0.50% | SNB operating target (BIS-derived) |
| 2022-09-23 | 0.50% | +0.75% | SNB operating target (BIS-derived) |
| 2022-06-17 | -0.25% | +0.50% | SNB operating target (BIS-derived) |
| 2015-01-15 | -0.75% | −0.50% | SNB operating target (BIS-derived) |
| 2014-12-18 | -0.25% | −0.38% | SNB operating target (BIS-derived) |
| 2011-08-03 | 0.125% | −0.25% | SNB operating target (BIS-derived) |
| 2009-03-12 | 0.375% | −0.13% | SNB operating target (BIS-derived) |
| 2008-12-11 | 0.50% | −0.50% | SNB operating target (BIS-derived) |
| 2008-11-20 | 1.00% | −1.00% | SNB operating target (BIS-derived) |
| 2008-11-06 | 2.00% | −0.50% | SNB operating target (BIS-derived) |
| 2008-10-08 | 2.50% | −0.25% | SNB operating target (BIS-derived) |
| 2007-09-13 | 2.75% | +0.25% | SNB operating target (BIS-derived) |
| 2007-06-14 | 2.50% | +0.25% | SNB operating target (BIS-derived) |
| 2007-03-15 | 2.25% | +0.25% | SNB operating target (BIS-derived) |
| 2006-12-14 | 2.00% | +0.25% | SNB operating target (BIS-derived) |
| 2006-09-14 | 1.75% | +0.25% | SNB operating target (BIS-derived) |
| 2006-06-15 | 1.50% | +0.25% | SNB operating target (BIS-derived) |
| 2006-03-16 | 1.25% | +0.25% | SNB operating target (BIS-derived) |
| 2005-12-15 | 1.00% | +0.25% | SNB operating target (BIS-derived) |
| 2004-09-16 | 0.75% | +0.25% | SNB operating target (BIS-derived) |
| 2004-06-17 | 0.50% | +0.13% | SNB operating target (BIS-derived) |
| 2003-03-06 | 0.375% | −0.38% | SNB operating target (BIS-derived) |
| 2002-07-26 | 0.75% | −0.50% | SNB operating target (BIS-derived) |
| 2002-05-02 | 1.25% | −0.50% | SNB operating target (BIS-derived) |
| 2001-12-07 | 1.75% | −0.50% | SNB operating target (BIS-derived) |
| 2001-09-24 | 2.25% | −0.50% | SNB operating target (BIS-derived) |
| 2001-09-18 | 2.75% | −0.50% | SNB operating target (BIS-derived) |
| 2001-03-22 | 3.25% | −0.25% | SNB operating target (BIS-derived) |
| 2000-06-15 | 3.50% | +0.50% | SNB operating target (BIS-derived) |
| 2000-03-23 | 3.00% | +0.75% | SNB operating target (BIS-derived) |
| 2000-02-03 | 2.25% | +0.50% | SNB operating target (BIS-derived) |
| 2000-01-03 | 1.75% | +1.25% | SNB operating target (BIS-derived) |
| 2000-01-01: The SNB retired the discount rate on 1999-12-30 and began targeting the three-month Libor on 2000-01-01; the level from here is BIS Switzerland daily (Libor target midpoint to 2019, SNB policy rate from 2019). | |||
| 1999-04-09 | 0.50% | −0.50% | Discount rate |
| 1996-09-27 | 1.00% | −0.50% | Discount rate |
| 1995-12-15 | 1.50% | −0.50% | Discount rate |
| 1995-09-22 | 2.00% | −0.50% | Discount rate |
| 1995-07-14 | 2.50% | −0.50% | Discount rate |
| 1995-03-31 | 3.00% | −0.50% | Discount rate |
| 1994-04-15 | 3.50% | −0.50% | Discount rate |
| 1993-12-17 | 4.00% | −0.25% | Discount rate |
| 1993-10-22 | 4.25% | −0.25% | Discount rate |
| 1993-07-02 | 4.50% | −0.50% | Discount rate |
| 1993-03-19 | 5.00% | −0.50% | Discount rate |
| 1993-01-08 | 5.50% | −0.50% | Discount rate |
| 1992-09-25 | 6.00% | −0.50% | Discount rate |
| 1992-09-15 | 6.50% | −0.50% | Discount rate |
| 1991-08-16 | 7.00% | +1.00% | Discount rate |
| 1989-10-06 | 6.00% | +0.50% | Discount rate |
| 1989-06-30 | 5.50% | +1.00% | Discount rate |
| 1989-04-14 | 4.50% | +0.50% | Discount rate |
| 1989-01-20 | 4.00% | +0.50% | Discount rate |
| 1988-12-19 | 3.50% | +0.50% | Discount rate |
| 1988-08-26 | 3.00% | +0.50% | Discount rate |
| 1987-12-04 | 2.50% | −0.50% | Discount rate |
| 1987-11-06 | 3.00% | −0.50% | Discount rate |
| 1987-01-23 | 3.50% | −0.50% | Discount rate |
| 1983-03-18 | 4.00% | −0.50% | Discount rate |
| 1982-12-03 | 4.50% | −0.50% | Discount rate |
| 1982-08-27 | 5.00% | −1.00% | Discount rate |
| 1981-09-02 | 6.00% | +1.00% | Discount rate |
| 1981-05-11 | 5.00% | +1.00% | Discount rate |
| 1981-02-20 | 4.00% | +0.50% | Discount rate |
| 1981-02-03 | 3.50% | +0.50% | Discount rate |
| 1980-02-28 | 3.00% | +1.00% | Discount rate |
| 1979-11-05 | 2.00% | +1.00% | Discount rate |
| 1978-02-27 | 1.00% | −0.50% | Discount rate |
| 1977-07-15 | 1.50% | −0.50% | Discount rate |
| 1976-06-08 | 2.00% | −0.50% | Discount rate |
| 1976-01-13 | 2.50% | −0.50% | Discount rate |
| 1975-10-29 | 3.00% | −0.50% | Discount rate |
| 1975-09-29 | 3.50% | −0.50% | Discount rate |
| 1975-08-25 | 4.00% | −0.50% | Discount rate |
| 1975-05-20 | 4.50% | −0.50% | Discount rate |
| 1975-03-03 | 5.00% | −0.50% | Discount rate |
| 1974-01-21 | 5.50% | +1.00% | Discount rate |
| 1973-01-22 | 4.50% | +0.75% | Discount rate |
| 1969-09-15 | 3.75% | +0.75% | Discount rate |
| 1967-07-10 | 3.00% | −0.50% | Discount rate |
| 1966-07-06 | 3.50% | +1.00% | Discount rate |
| 1964-07-03 | 2.50% | +0.50% | Discount rate |
| 1959-02-26 | 2.00% | −0.50% | Discount rate |
| 1957-05-15 | 2.50% | +1.00% | Discount rate |
| 1936-11-26 | 1.50% | −0.50% | Discount rate |
| 1936-09-09 | 2.00% | −0.50% | Discount rate |
| 1935-05-03 | 2.50% | +0.50% | Discount rate |
| 1931-01-22 | 2.00% | −0.50% | Discount rate |
| 1930-07-10 | 2.50% | −0.50% | Discount rate |
| 1930-04-03 | 3.00% | −0.50% | Discount rate |
| 1925-10-22 | 3.50% | −0.50% | Discount rate |
| 1923-07-16 | 4.00% | +1.00% | Discount rate |
| 1922-08-17 | 3.00% | −0.50% | Discount rate |
| 1922-03-02 | 3.50% | −0.50% | Discount rate |
| 1921-08-11 | 4.00% | −0.50% | Discount rate |
| 1921-04-07 | 4.50% | −0.50% | Discount rate |
| 1919-08-21 | 5.00% | −0.50% | Discount rate |
| 1918-10-03 | 5.50% | +1.00% | Discount rate |
| 1915-01-01 | 4.50% | −0.50% | Discount rate |
| 1914-09-10 | 5.00% | −1.00% | Discount rate |
| 1914-08-03 | 6.00% | +0.50% | Discount rate |
| 1914-07-31 | 5.50% | +1.00% | Discount rate |
| 1914-07-30 | 4.50% | +1.00% | Discount rate |
| 1914-02-19 | 3.50% | −0.50% | Discount rate |
| 1914-01-22 | 4.00% | −0.50% | Discount rate |
| 1913-08-14 | 4.50% | −0.50% | Discount rate |
| 1912-11-28 | 5.00% | +0.50% | Discount rate |
| 1912-09-12 | 4.50% | +0.50% | Discount rate |
| 1911-09-28 | 4.00% | +0.50% | Discount rate |
| 1911-02-16 | 3.50% | −0.50% | Discount rate |
| 1911-01-05 | 4.00% | −0.50% | Discount rate |
| 1910-10-27 | 4.50% | +0.50% | Discount rate |
| 1910-09-22 | 4.00% | +0.50% | Discount rate |
| 1910-08-04 | 3.50% | +0.50% | Discount rate |
| 1910-02-24 | 3.00% | −0.50% | Discount rate |
| 1910-01-06 | 3.50% | −0.50% | Discount rate |
| 1909-11-11 | 4.00% | +0.50% | Discount rate |
| 1909-10-14 | 3.50% | +0.50% | Discount rate |
| 1909-02-04 | 3.00% | −0.50% | Discount rate |
| 1908-03-19 | 3.50% | −0.50% | Discount rate |
| 1908-02-20 | 4.00% | −0.50% | Discount rate |
| 1908-01-23 | 4.50% | −0.50% | Discount rate |
| 1908-01-16 | 5.00% | −0.50% | Discount rate |
| 1907-11-07 | 5.50% | +0.50% | Discount rate |
| 1907-08-15 | 5.00% | +0.50% | Discount rate |
| 1907-06-20 | 4.50% | — | Discount rate |
2025-06-200.00%
SNB operating target (BIS-derived)−0.25%
2025-03-210.25%
SNB operating target (BIS-derived)−0.25%
2024-12-130.50%
SNB operating target (BIS-derived)−0.50%
2024-09-271.00%
SNB operating target (BIS-derived)−0.25%
2024-06-211.25%
SNB operating target (BIS-derived)−0.25%
2024-03-221.50%
SNB operating target (BIS-derived)−0.25%
2023-06-231.75%
SNB operating target (BIS-derived)+0.25%
2023-03-241.50%
SNB operating target (BIS-derived)+0.50%
2022-12-161.00%
SNB operating target (BIS-derived)+0.50%
2022-09-230.50%
SNB operating target (BIS-derived)+0.75%
2022-06-17-0.25%
SNB operating target (BIS-derived)+0.50%
2015-01-15-0.75%
SNB operating target (BIS-derived)−0.50%
Show all 133 decisions
2014-12-18-0.25%
SNB operating target (BIS-derived)−0.38%
2011-08-030.125%
SNB operating target (BIS-derived)−0.25%
2009-03-120.375%
SNB operating target (BIS-derived)−0.13%
2008-12-110.50%
SNB operating target (BIS-derived)−0.50%
2008-11-201.00%
SNB operating target (BIS-derived)−1.00%
2008-11-062.00%
SNB operating target (BIS-derived)−0.50%
2008-10-082.50%
SNB operating target (BIS-derived)−0.25%
2007-09-132.75%
SNB operating target (BIS-derived)+0.25%
2007-06-142.50%
SNB operating target (BIS-derived)+0.25%
2007-03-152.25%
SNB operating target (BIS-derived)+0.25%
2006-12-142.00%
SNB operating target (BIS-derived)+0.25%
2006-09-141.75%
SNB operating target (BIS-derived)+0.25%
2006-06-151.50%
SNB operating target (BIS-derived)+0.25%
2006-03-161.25%
SNB operating target (BIS-derived)+0.25%
2005-12-151.00%
SNB operating target (BIS-derived)+0.25%
2004-09-160.75%
SNB operating target (BIS-derived)+0.25%
2004-06-170.50%
SNB operating target (BIS-derived)+0.13%
2003-03-060.375%
SNB operating target (BIS-derived)−0.38%
2002-07-260.75%
SNB operating target (BIS-derived)−0.50%
2002-05-021.25%
SNB operating target (BIS-derived)−0.50%
2001-12-071.75%
SNB operating target (BIS-derived)−0.50%
2001-09-242.25%
SNB operating target (BIS-derived)−0.50%
2001-09-182.75%
SNB operating target (BIS-derived)−0.50%
2001-03-223.25%
SNB operating target (BIS-derived)−0.25%
2000-06-153.50%
SNB operating target (BIS-derived)+0.50%
2000-03-233.00%
SNB operating target (BIS-derived)+0.75%
2000-02-032.25%
SNB operating target (BIS-derived)+0.50%
2000-01-031.75%
SNB operating target (BIS-derived)+1.25%
2000-01-01: The SNB retired the discount rate on 1999-12-30 and began targeting the three-month Libor on 2000-01-01; the level from here is BIS Switzerland daily (Libor target midpoint to 2019, SNB policy rate from 2019).
1999-04-090.50%
Discount rate−0.50%
1996-09-271.00%
Discount rate−0.50%
1995-12-151.50%
Discount rate−0.50%
1995-09-222.00%
Discount rate−0.50%
1995-07-142.50%
Discount rate−0.50%
1995-03-313.00%
Discount rate−0.50%
1994-04-153.50%
Discount rate−0.50%
1993-12-174.00%
Discount rate−0.25%
1993-10-224.25%
Discount rate−0.25%
1993-07-024.50%
Discount rate−0.50%
1993-03-195.00%
Discount rate−0.50%
1993-01-085.50%
Discount rate−0.50%
1992-09-256.00%
Discount rate−0.50%
1992-09-156.50%
Discount rate−0.50%
1991-08-167.00%
Discount rate+1.00%
1989-10-066.00%
Discount rate+0.50%
1989-06-305.50%
Discount rate+1.00%
1989-04-144.50%
Discount rate+0.50%
1989-01-204.00%
Discount rate+0.50%
1988-12-193.50%
Discount rate+0.50%
1988-08-263.00%
Discount rate+0.50%
1987-12-042.50%
Discount rate−0.50%
1987-11-063.00%
Discount rate−0.50%
1987-01-233.50%
Discount rate−0.50%
1983-03-184.00%
Discount rate−0.50%
1982-12-034.50%
Discount rate−0.50%
1982-08-275.00%
Discount rate−1.00%
1981-09-026.00%
Discount rate+1.00%
1981-05-115.00%
Discount rate+1.00%
1981-02-204.00%
Discount rate+0.50%
1981-02-033.50%
Discount rate+0.50%
1980-02-283.00%
Discount rate+1.00%
1979-11-052.00%
Discount rate+1.00%
1978-02-271.00%
Discount rate−0.50%
1977-07-151.50%
Discount rate−0.50%
1976-06-082.00%
Discount rate−0.50%
1976-01-132.50%
Discount rate−0.50%
1975-10-293.00%
Discount rate−0.50%
1975-09-293.50%
Discount rate−0.50%
1975-08-254.00%
Discount rate−0.50%
1975-05-204.50%
Discount rate−0.50%
1975-03-035.00%
Discount rate−0.50%
1974-01-215.50%
Discount rate+1.00%
1973-01-224.50%
Discount rate+0.75%
1969-09-153.75%
Discount rate+0.75%
1967-07-103.00%
Discount rate−0.50%
1966-07-063.50%
Discount rate+1.00%
1964-07-032.50%
Discount rate+0.50%
1959-02-262.00%
Discount rate−0.50%
1957-05-152.50%
Discount rate+1.00%
1936-11-261.50%
Discount rate−0.50%
1936-09-092.00%
Discount rate−0.50%
1935-05-032.50%
Discount rate+0.50%
1931-01-222.00%
Discount rate−0.50%
1930-07-102.50%
Discount rate−0.50%
1930-04-033.00%
Discount rate−0.50%
1925-10-223.50%
Discount rate−0.50%
1923-07-164.00%
Discount rate+1.00%
1922-08-173.00%
Discount rate−0.50%
1922-03-023.50%
Discount rate−0.50%
1921-08-114.00%
Discount rate−0.50%
1921-04-074.50%
Discount rate−0.50%
1919-08-215.00%
Discount rate−0.50%
1918-10-035.50%
Discount rate+1.00%
1915-01-014.50%
Discount rate−0.50%
1914-09-105.00%
Discount rate−1.00%
1914-08-036.00%
Discount rate+0.50%
1914-07-315.50%
Discount rate+1.00%
1914-07-304.50%
Discount rate+1.00%
1914-02-193.50%
Discount rate−0.50%
1914-01-224.00%
Discount rate−0.50%
1913-08-144.50%
Discount rate−0.50%
1912-11-285.00%
Discount rate+0.50%
1912-09-124.50%
Discount rate+0.50%
1911-09-284.00%
Discount rate+0.50%
1911-02-163.50%
Discount rate−0.50%
1911-01-054.00%
Discount rate−0.50%
1910-10-274.50%
Discount rate+0.50%
1910-09-224.00%
Discount rate+0.50%
1910-08-043.50%
Discount rate+0.50%
1910-02-243.00%
Discount rate−0.50%
1910-01-063.50%
Discount rate−0.50%
1909-11-114.00%
Discount rate+0.50%
1909-10-143.50%
Discount rate+0.50%
1909-02-043.00%
Discount rate−0.50%
1908-03-193.50%
Discount rate−0.50%
1908-02-204.00%
Discount rate−0.50%
1908-01-234.50%
Discount rate−0.50%
1908-01-165.00%
Discount rate−0.50%
1907-11-075.50%
Discount rate+0.50%
1907-08-155.00%
Discount rate+0.50%
1907-06-204.50%
Discount rate—
Where these numbers come from
Own daily discount-rate change table from the SNB's Historical time series publication, 1907-06-20 to 1999-12-30. From 2000-01-01, when the SNB retired the discount rate for a Libor target (later the SNB policy rate), the level is BIS Switzerland daily; every level day there is treated as a change day. BIS Switzerland daily agrees on 40 of 40 overlapping change dates checked from the splice (0.0% disagreement, necessarily 0 since the tail is BIS-derived).