SNB’s Schlegel: Monetary policy to support growth and stoke inflation
Oleh Sagar Dua
Tarikh Diterbitkan: 11 Dec 2025 | Tarikh Diubah: 11 Dec 2025
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While responding to reporters in the press conference, after the Swiss National Bank (SNB) left interest rates steady at 0%, Chairman Martin Schlegel offered more details on the outlook of the economy and inflation.
While responding to reporters in the press conference, after the Swiss National Bank (SNB) left interest rates steady at 0%, Chairman Martin Schlegel offered more details on the outlook of the economy and inflation.
SNB Schlegel’s press conference highlights
We will continue to observe the situation and adjust monetary policy where necessary to keep price stability.
Low interest rate is effective through the exchange rate.
Midterm inflation pressure is practically unchanged since the previous quarter.
We remain ready to intervene in the currency market as necessary.
SNB policy to stoke inflation slowly in the next quarters.
Our monetary policy remains expansive.
Monetary policy also supports economic growth.
Uncertainty has declined slightly, compared to the last assessment.
Expect the global economy to grow moderately over the next quarters.
However, significant risks persist for the global economy, with US tariffs among them.
Monetary policy is appropriate.
Cannot comment on future decisions.
Important is the medium-term outlook for inflation, which is basically unchanged.
Unemployment expected to rise slightly, but could then fall again.
We have no preference for inflation as long as it is in the target range.
The bar for negative rates is higher, but remain ready to use them if necessary.
Willing to introduce SNB negative rates in needed.
Probability of using negative rates has not risen.
Can't say lower CPI outlook makes NIRP more likely.
Negative rates worked to reduce attractiveness of CHF.
We have reduced interest rates early and this reduction has proven to be positive.
Lower tariffs on Swiss GDP is a positive
Market reaction
USD/CHF gains ground after sliding to near 0.7985 as of writing.
SNB FAQs
The Swiss National Bank (SNB) is the country’s central bank. As an independent central bank, its mandate is to ensure price stability in the medium and long term. To ensure price stability, the SNB aims to maintain appropriate monetary conditions, which are determined by the interest rate level and exchange rates. For the SNB, price stability means a rise in the Swiss Consumer Price Index (CPI) of less than 2% per year.
The Swiss National Bank (SNB) Governing Board decides the appropriate level of its policy rate according to its price stability objective. When inflation is above target or forecasted to be above target in the foreseeable future, the bank will attempt to tame excessive price growth by raising its policy rate. Higher interest rates are generally positive for the Swiss Franc (CHF) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken CHF.
Yes. The Swiss National Bank (SNB) has regularly intervened in the foreign exchange market in order to avoid the Swiss Franc (CHF) appreciating too much against other currencies. A strong CHF hurts the competitiveness of the country’s powerful export sector. Between 2011 and 2015, the SNB implemented a peg to the Euro to limit the CHF advance against it. The bank intervenes in the market using its hefty foreign exchange reserves, usually by buying foreign currencies such as the US Dollar or the Euro. During episodes of high inflation, particularly due to energy, the SNB refrains from intervening markets as a strong CHF makes energy imports cheaper, cushioning the price shock for Swiss households and businesses.
The SNB meets once a quarter – in March, June, September and December – to conduct its monetary policy assessment. Each of these assessments results in a monetary policy decision and the publication of a medium-term inflation forecast.
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