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Monetary policy since 2013

The SNB conducts an in-depth monetary policy assessment in March, June, September and December. Each of these assessments results in an interest rate decision and the publication of a medium-term conditional inflation forecast. The SNB sets out the reasons for its decisions in a press release and in a quarterly monetary policy report published in the Quarterly Bulletin.

In June and December, the SNB provides more information on the monetary policy decision at a news conference. The speech by the Chairman of the Governing Board provides a commentary on monetary policy and is available on this page. The speeches by the other Governing Board members at the news conference are to be found under Media, Speeches.

As of June 2016

  • Monetary policy assessment of 16 June 2016
    (66 KB)
  • Quarterly Bulletin 2/2016
    (1.4 MB)

As of March 2016

  • Monetary policy assessment of 17 March 2016
    (67 KB)
  • Quarterly Bulletin 1/2016
    (2.0 MB)

As of December 2015

  • Monetary policy assessment of 10 December 2015
    (149 KB)
  • Quarterly Bulletin 4/2015
    (1.4 MB)

As of September 2015

  • Monetary policy assessment of 17 September 2015
    (155 KB)
  • Quarterly Bulletin 3/2015
    (1.4 MB)

As of June 2015

  • Monetary policy assessment of 18 June 2015
    (163 KB)
  • Quarterly Bulletin 2/2015
    (3.3 MB)

As of April 2015

  • Fewer exemptions from negative interest on sight deposit accounts at SNB
    (50 KB)

As of March 2015

  • Monetary policy assessment of 19 March 2015
    (177 KB)
  • Introductory Remarks, Media News Conference
    (81 KB)
  • Quarterly Bulletin 1/2015
    (2.9 MB)

As of January 2015

  • Swiss National Bank discontinues minimum exchange rate and lowers interest rate to -0.75%
    (78 KB)

As of December 2014

  • Monetary policy assessment of 11 December 2014
    (147 KB)
  • Introductory Remarks, Media News Conference
    (72 KB)
  • Quarterly Bulletin 4/2014
    (1.4 MB)
  • Swiss National Bank introduces negative interest rates
    (76 KB)

As of September 2014

  • Monetary policy assessment of 18 September 2014
    (148 KB)
  • Quarterly Bulletin 3/2014
    (1.9 MB)

As of June 2014

  • Monetary policy assessment of 19 June 2014
    (142 KB)
  • Introductory Remarks, Media News Conference
    (75 KB)
  • Quarterly Bulletin 2/2014
    (1.3 MB)

As of March 2014

  • Monetary policy assessment of 20 March 2014
    (146 KB)
  • Quarterly Bulletin 1/2014
    (2.6 MB)

As of December 2013

  • Monetary policy assessment of 12 December 2013
    (150 KB)
  • Introductory Remarks, Media News Conference
    (72 KB)
  • Quarterly Bulletin 4/2013
    (1.4 MB)

As of September 2013

  • Monetary policy assessment of 19 September 2013
    (151 KB)
  • Quarterly Bulletin 3/2013
    (1.4 MB)

As of June 2013

  • Monetary policy assessment of 20 June 2013
    (145 KB)
  • Introductory Remarks, Media News Conference
    (75 KB)
  • Quarterly Bulletin 2/2013
    (2.1 MB)

As of March 2013

  • Monetary policy assessment of 14 March 2013
    (171 KB)
  • Quarterly Bulletin 1/2013
    (3.0 MB)