Policy rate kept at 0.0 percent as energy prices push up inflation
The Swiss National Bank has maintained its policy rate at 0.0 percent, leaving sight deposit remuneration rules unchanged. Chairman Martin Schlegel noted at the September media conference that recent inflation increases were driven primarily by energy costs.
Zero percent baseline and tiering rules maintained
The Swiss National Bank (SNB) Governing Board decided to keep the SNB policy rate unchanged at 0.0 percent at its monetary policy assessment in Berne.
Chairman Martin Schlegel, alongside Vice Chairman Antoine Martin and Member Petra Tschudin, confirmed that sight deposits held by banks at the central bank will continue to be remunerated at the policy rate up to an established threshold.
Sight deposit balances exceeding this tiered limit remain subject to an unchanged discount of 0.25 percentage points.
The Governing Board emphasized that it remains prepared to be active in the foreign exchange market as necessary to maintain appropriate monetary conditions across the Swiss economy.
Energy pressures lift headline figures
Schlegel pointed out that consumer prices have accelerated since June, attributing the recent uptick in inflation predominantly to higher energy costs.
Despite these upward movements in the headline figures, the central bank concluded that medium-term inflationary pressure has experienced only a slight increase.
The Governing Board stated that current monetary policy parameters remain adequate to anchor inflation within the range defined as price stability while simultaneously supporting economic growth.
Steady restraint without unnecessary tightening
The SNB demonstrates steady restraint by refusing to overreact to short-term energy price increases.
Relying on foreign exchange interventions keeps the central bank flexible without altering its rate corridor.
This approach delivers predictability for Swiss lenders while preserving ammunition for external shocks.