Switzerland Keeps Low Interest Rates Amid Global Inflation Surge

Switzerland's central bank maintained very low policy interest rates between 2020 and 2026, despite a global inflation surge. The Swiss National Bank kept its policy rate negative in the years leading up to 2022, reaching -***** percent. This low-rate environment was reinforced even during the global tightening cycle, with the policy rate peaking at just **** percent in mid-2023 before being reduced again.

By June 2026, the Swiss National Bank had cut the policy rate to **** percent, keeping inflation subdued. The country's inflation rate peaked at *** percent in July 2008 and again at *** percent in August 2022, before declining to *** percent by May 2026.