Swiss National Bank decides on 24 September with its rate at 0%

The Swiss National Bank announces its next quarterly monetary policy assessment on 24 September 2026. Unlike most central banks, the SNB sets policy only four times a year, which gives each decision extra weight for the franc.

Where things stood in June

At its June assessment, announced on 18 June, the SNB left its policy rate unchanged at 0%. Its reasoning was that monetary conditions were appropriate and price stability was not at risk.

Inflation in Switzerland has risen as energy prices climbed, but from a very low level. The SNB raised its forecast for average inflation to 0.6% for both 2026 and 2027, from 0.5% previously. It expected GDP growth of around 1% in 2026 and around 1.5% in 2027.

The intervention message

The line that matters most for currency traders was about the franc. The SNB said it has an increased willingness to intervene in the foreign exchange market, if necessary, to counter a rapid and excessive appreciation of the Swiss franc that would put price stability at risk.

That is significant because the franc is a safe-haven currency. In periods of geopolitical stress, money tends to flow into it, which pushes the franc up and Swiss import prices down, the opposite of what a central bank with inflation near zero wants.

Why SNB decisions can move markets sharply

SNB decisions have a history of surprising markets. The best-known example came on 15 January 2015, when the bank abruptly discontinued the minimum exchange rate of 1.20 francs per euro it had defended since 2011, and the franc jumped within minutes. That episode is one reason many brokers raise margin requirements on franc pairs around SNB announcements.

For USD/CHF on 24 September, the points to watch are the rate decision, the updated inflation forecast and whether the intervention wording changes. Safe-haven currencies explained covers why the franc behaves the way it does.