Swiss National Bank
SNB operating target (BIS-derived), 0.00% since 20 June 2025.
as of 30 Oct 2026 · own history joined to BIS · 132 decisions since 1907
Switzerland·CHF·all central banksLast
0.00%
20 June 2025
Previous
0.25%
21 March 2025
High since 1907
7.00%
16 August 1991
Low since 1907
-0.75%
15 January 2015
Meetings a year
4
scheduled next year
Next decision
10 December 2026
in 38 days
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 |
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%
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).