SNB raises rates by 50 bps from 0.50% to 1.0%, as widely expected

The Swiss National Bank (SNB) raised its benchmark sight deposit interest rate by 50 basis points (bps) to 1.0% from 0.50% previous, as widely expected.

At the December policy meeting, the SNB hiked rates for the third consecutive meeting, summing up to a total of 175 bps of rate increases this year.

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About SNB Rate Decision

The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.