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Finance

Swiss bankers expect SNB to keep rates on hold in 2026 and 2027

Published by Global Banking & Finance Review

Posted on August 31, 2026

1 min read

· Last updated: August 31, 2026

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Swiss Bankers Expect SNB to Hold Interest Rates at 0% Into 2027, Survey Finds

Survey Results and Market Expectations

Swiss Bankers' Interest Rate Outlook

ZURICH, Aug 31 (Reuters) - Swiss bankers expect the Swiss National Bank to keep its key interest rate on hold at 0% this year and into 2027, according to a survey by the Swiss Bankers Association. 

Expectations for 2026 and 2027

All the bankers surveyed expect the SNB to keep its rate at 0% for the rest of 2026, with 60% expecting the policy to remain in place next year.

Potential Rate Hikes in the Future

Some 40% expect the SNB to start hiking rates next year, with most of these forecasting an interest rate of 0.25%, while one respondent said they expected the central bank to increase its policy rate to 0.5%.

Upcoming Monetary Policy Update

September Policy Meeting

The SNB is due to give its next monetary policy update on September 24, with markets pricing in a 97% chance of no change. Markets expect the first change to come in June with a 25 basis point rise to 0.25%.

Reporting and Editing

(Reporting by John Revill; Editing by Kirsten Donovan)

Key Takeaways

  • In a Swiss Bankers Association survey, all surveyed bankers expect the SNB to keep its rate at 0% for the remainder of 2026; 60% anticipate no change in 2027, while 40% expect rate hikes next year (mostly to 0.25%, with one forecasting 0.5%).
  • Markets are pricing in a 97% probability that the SNB will leave rates unchanged at its next policy update on September 24, with the first actual rate hike expected in June next year, to 0.25%.
  • SNB publicly projects average inflation around 0.6% for both 2026 and 2027, supports medium‑term growth forecasts of about 1% in 2026 and 1.5% in 2027—all based on the assumption of a constant 0% policy rate throughout the forecast horizon.

Frequently Asked Questions

What interest rate do Swiss bankers expect from the SNB through 2027?
Swiss bankers expect the Swiss National Bank to keep its key interest rate on hold at 0% this year and into 2027.
When do markets expect the SNB to change its interest rate?
Markets expect the first change in the SNB's interest rate to come in June with a 25 basis point rise to 0.25%.
What percentage of bankers expect the SNB rate policy to remain the same next year?
60% of surveyed bankers expect the SNB to keep its rate at 0% for the rest of 2026 and into next year.
When is the next SNB monetary policy update?
The SNB is scheduled to give its next monetary policy update on September 24.
How many bankers expect a rate hike from the SNB next year?
40% of surveyed bankers expect the SNB to start hiking rates next year, mostly to 0.25%.

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