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The SNB policy rate, reviewed only four times a year and published with a conditional inflation forecast.
| Published by | Swiss National Bank |
|---|---|
| Country | Switzerland |
| Currency affected | CHF |
| Release frequency | Quarterly |
| Usual release time | 07:30 GMT (UTC+00:00) |
| Impact rating | High impact |
| Typical volatility | 50-120 pips on EUR/CHF inside the first hour |
The SNB Interest Rate Decision is released quarterly by Swiss National Bank, usually at 07:30 GMT (UTC+00:00). These are the dates inside our calendar window.
With just four meetings a year, each SNB decision carries a full quarter of accumulated expectations.
The bank's willingness to intervene in the currency market means the franc reaction can be blunted deliberately.
Typical volatility around the release is 50-120 pips on EUR/CHF inside the first hour. That is an average, not a limit: when the figure lands far from consensus, or when it contradicts the central bank's own guidance, the move can be several times larger and can extend for the rest of the session.
| Pair | Why it reacts |
|---|---|
| EUR/CHF | The pair the SNB itself watches most closely. |
| USD/CHF | Dollar expression of the franc move. |
| CHF/JPY | The two classic funding currencies against each other. |
Surprise is the released figure minus the consensus forecast, in the units of the release. Green means the figure printed above consensus, red below.
| Release date | Period | Previous | Forecast | Actual | Surprise |
|---|---|---|---|---|---|
| 14 May 2026 | May meeting | 0.00% | 0.00% | 0.00% | 0.00 |
| 12 Feb 2026 | Feb meeting | 0.00% | 0.00% | 0.00% | 0.00 |
| 13 Nov 2025 | Nov meeting | 0.00% | 0.00% | 0.00% | 0.00 |
| 14 Aug 2025 | Aug meeting | 0.00% | 0.00% | 0.00% | 0.00 |
| 15 May 2025 | May meeting | 0.00% | 0.00% | 0.00% | 0.00 |
| 13 Feb 2025 | Feb meeting | 0.00% | 0.00% | 0.00% | 0.00 |
| 14 Nov 2024 | Nov meeting | 0.00% | 0.00% | 0.00% | 0.00 |
| 15 Aug 2024 | Aug meeting | 0.00% | 0.00% | 0.00% | 0.00 |
Swiss National Bank publishes the SNB Interest Rate Decision for Switzerland. It is released quarterly, typically at 07:30 GMT (UTC+00:00).
We rate this release high impact. In our sample the typical move is 50-120 pips on EUR/CHF inside the first hour, though a large deviation from consensus can produce considerably more.
EUR/CHF, USD/CHF, CHF/JPY carry the cleanest reaction. The pair the SNB itself watches most closely.
No. The currency reaction depends on how the figure changes the expected path of interest rates, not on whether the headline is high or low. The same surprise can be read very differently depending on the central bank's current stance.