Swiss National Bank leaves policy rate unchanged at -0.75%
17.12.2020, 08:47

Swiss National Bank leaves policy rate unchanged at -0.75%

  • The coronavirus pandemic is continuing to have a strong adverse effect on the economy.

  • Against this difficult backdrop, the SNB is maintaining its expansionary monetary policy with a view to stabilising economic activity and price developments.

  • In light of the highly valued Swiss franc, the SNB remains willing to intervene more strongly in the foreign exchange market.

  • Furthermore, it is supplying generous amounts of liquidity to the banking system via the SNB COVID-19 refinancing facility. 

  • The SNB’s expansionary monetary policy provides favourable financing conditions, counters upward pressure on the Swiss franc, and contributes to an appropriate supply of credit and liquidity to the economy.

  • In the current situation, the inflation outlook remains subject to high uncertainty. 

  • The new conditional inflation forecast through to the end of 2021 is slightly lower than in September. This is primarily due to the renewed deterioration in the economic situation as a result of the second wave of the pandemic. 

  • The forecast for 2020 is negative (−0.7%). The inflation rate is likely to be higher again next year (0.0%) and slightly positive in 2022 (0.2%). The conditional inflation forecast is based on the assumption that the SNB policy rate remains at −0.75% over the entire forecast horizon.

  • Momentum is likely to be weak in Q4 2020 and Q1 2021.

  • The SNB expects that GDP will shrink by around 3% this year. 

  • SNB expects GDP growth of 2.5% to 3% for 2021. 

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