ZURICH - The Swiss National Bank left its policy rate at zero on Thursday. Sight deposits stay remunerated at that rate up to a threshold, and the discount above the threshold stays at 0.25 percentage points. The new sentence was about the currency. The bank said it has an increased willingness to intervene if the franc appreciates quickly and far enough to put price stability at risk.
The governing board met on 16 and 17 June and published the decision on the 18th. Global growth had been solid in the first quarter, then slowed after the Middle East escalation and the jump in energy prices. Inflation rose in many countries for the same reason. The European Central Bank has been raising rates. The United States has not. Interest-rate gaps widened, and the first burst of upward pressure on the franc later eased after a US-Iran memorandum in mid-June pulled energy prices back from the March spike.
Growth of about 1 percent, with the franc as the risk
The SNB expects the softer world economy to weigh on Switzerland in coming quarters, with its own policy still supportive. It puts growth at about 1 percent for 2026 as a whole and about 1.5 percent for 2027. The main risk is abroad: a worse Middle East picture, a fresh surge in the franc, and US trade policy. The board said inflation is not about to break above 2 percent or fall below zero, so there is no immediate case for a rate move.
That is a hold with a finger on the franc, not a promise of cuts or hikes. Readers who followed the March assessment will recognise the exchange-rate warning. What changed in June was the word increased.
Why the June wording matters
The rate is the same number as in March. The new information is the adverb. Increased willingness means the board is more ready to sell francs if a geopolitical scare pulls money into Switzerland. It is not a schedule for the next meeting. It is a line drawn under the energy shock of the spring.