---
title: The Swiss National Bank is pursuing a steady monetary policy and leaving its key interest rate at 0%, which is reasonable given the current economic and political situation.
description: "The Swiss economy is performing relatively well despite the US tariff shock, core inflation remains within a healthy range, and the ECB is also keeping key interest rates constant for the time being and is likely to continue to do so, meaning that the Swiss franc has hardly changed against the euro since the end of June.\n\nThe hashtag#SNB mentions the great uncertainty surrounding the Swiss export sector, which is also the biggest question mark in our economic outlook for Switzerland at present. Should a significant deterioration manifest itself here, the SNB could come under greater pressure to lower interest rates below zero after all. \n\nThe SNB's inflation forecasts also remain stable compared with the June forecast and are even rising slightly in the second quarter of 2028, which was forecast for the first time. Today's decision is therefore understandable across the board and should come as no surprise to the stock markets."
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [The Swiss National Bank is pursuing a steady monetary policy and leaving its key interest rate at 0%, which is reasonable given the current economic and political situation.](https://blog.syzgroup.com/syz-the-moment/the-swiss-national-bank-is-pursuing-a-steady-monetary-policy-and-leaving-its-key-interest-rate-at-0-which-is-reasonable-given-the-current-economic-1758799402127)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Sep 25, 2025, 11:24:08 AM

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