Swiss National Bank cuts interest rate to zero
The Swiss National Bank yesterday cut its interest rate by 0.25 percentage points to zero. The new policy rate applies from today.
The central bank sees low inflationary pressure ahead and lowered its policy rate to get inflation back within its 0-2 per cent target range.
The Swiss National Bank has cut its interest rate by 0.25 pp to zero. The new policy rate applies from today. Its forecast put average annual inflation at 0.2 per cent for 2025, 0.5 per cent for 2026 and 0.7 per cent for 2027. It expects GDP growth of 1 per cent to 1.5 per cent for both 2025 and 2026. Unemployment is likely to continue to rise slightly and the economic outlook is uncertain.
Inflation has declined further since the last monetary policy assessment. It decreased from 0.3 per cent in February to minus 0.1 per cent in May.
Compared to March, the new conditional inflation forecast is lower in the short term. In the medium term, there is hardly any change from March.
The forecast is within the range of price stability over the entire forecast horizon. It puts average annual inflation at 0.2 per cent for 2025, 0.5 per cent for 2026 and 0.7 per cent for 2027, a release from the central bank said. The forecast is based on the assumption that the policy rate is 0 per cent over the entire forecast horizon.
Swiss gross domestic product (GDP) growth was strong in the first quarter this year. However, this development was largely due to the fact that, as in other countries, exports to the US were brought forward. When adjusted for these effects, growth momentum was more moderate.
Following the strong first quarter, growth is likely to slow again and remain rather subdued over the remainder of the year. The central bank expects GDP growth of 1 per cent to 1.5 per cent for both 2025 and 2026. Unemployment is likely to continue to rise slightly.
The economic outlook for Switzerland remains uncertain, and developments abroad continue to represent the main risk, the central bank observed.
Fibre2Fashion News Desk (DS)
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