Swiss National Bank tightens monetary policy further and raises SNB policy rate to 1.5%

The SNB is tightening its monetary policy further and is raising the SNB policy rate by 0.5 percentage points to 1.5%. In doing so, it is countering the renewed increase in inflationary pressure. It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term. To provide appropriate monetary conditions, the SNB also remains willing to be active in the foreign exchange market as necessary. For some quarters now, the focus has been on selling foreign currency. The SNB policy rate change applies from tomorrow, 24 March 2023. Banks’ sight deposits

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