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Monetary policy

Monetary policy strategy

The mandate of the SNB is to ensure price stability, while taking due account of economic developments. The SNB’s monetary policy strategy consists of three elements: a definition of price stability, a medium-term inflation forecast and the implementation of its monetary policy.

Monetary policy implementation

The Swiss National Bank implements its monetary policy by setting the SNB policy rate. In so doing, it seeks to keep the secured short-term Swiss franc money market rates close to the SNB policy rate. If necessary, the SNB can also use additional monetary policy measures to influence the exchange rate or the interest rate level. Both the regular and the other monetary policy instruments are described in the Guidelines of the Swiss National Bank on monetary policy instruments.

Monetary policy by year

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 news conference, as well as in a quarterly monetary policy report published in the Quarterly Bulletin.