The SNB maintains its rate at 0%: what the decision of 24 September changes for your payments in Swiss francs

On 24 September 2026, the Swiss National Bank (SNB) kept its policy rate at 0%, a level unchanged since June 2025. This decision was expected by all economists, but it puts Switzerland against the tide: a few days earlier, the ECB (10 September) and the Fed (16 September) each raised their rates by 25 basis points. For a company that pays suppliers or collects from customers in Swiss francs, this diverging trajectory between central banks is no small detail.

What the SNB decided on 24 September

The policy rate remains at 0%. The SNB slightly raised its conditional inflation forecast: 0.7% for 2026 (compared to 0.6% in June), then 0.8% for 2027 and 2028. Inflation therefore remains within the price stability range targeted by the institution, between 0% and 2%, throughout the forecast period.

The central bank expects Swiss GDP growth of between 1.5% and 2% in 2026, following a more dynamic second quarter than anticipated. It reiterated that it remains ready to intervene in the foreign exchange market if necessary, and cited the situation in the Middle East as the main factor of uncertainty for the global economy.

Why the SNB is not following the ECB and the Fed

The ECB and the Fed are reacting to a rebound in inflation, driven in part by soaring oil prices: Brent has been trading above $100 since early September. In Switzerland, inflation remains significantly lower, at around 0.8% year-on-year in August. The SNB therefore does not face the same urgency to tighten its policy.

However, several analysts believe that maintaining the status quo becomes more difficult if inflation continues to rise. Markets are now anticipating a first rate hike in December 2026 or at the latest in March 2027. Nothing is set in stone, but the scenario of a rate frozen at 0% over the long term is losing ground.

What this means for your payments in Swiss francs

When the ECB raises rates and the SNB holds steady, the interest rate differential between the euro and the franc widens in favour of the euro. All else being equal, this movement tends to support the euro against the franc. However, the franc retains its safe-haven status: during periods of geopolitical tension, as is currently the case with the crisis in the Middle East, it can appreciate sharply, regardless of the interest rate differential.

In practice, the EUR/CHF pair could therefore move in either direction over the coming months. For an SME paying a Swiss supplier, a cross-border business managing wages in francs, or an individual repatriating income from Switzerland, three best practices help limit exposure:

• identify Swiss franc payment deadlines over three to six months and the total amount involved;

• avoid concentrating all major payments on a single date, especially around the next SNB decision in December;

• consider hedging, for instance via a forward contract, to lock in today's exchange rate for known upcoming payments.

OSolto, an international payments specialist registered with ORIAS under no. 26004337, supports businesses and individuals in monitoring these developments and choosing the right solution for their Swiss franc flows.

FAQ

Could the SNB raise rates in December?

This is one of the scenarios mentioned by analysts, but the SNB has made no commitments. Its decision will depend on how Swiss inflation and the franc evolve between now and then.

Will the Swiss franc fall against the euro?

The interest rate spread tends to favour the euro, but the franc's role as a safe haven could reverse this trend in the event of renewed international tensions. No one can guarantee the direction of movement, which is why securing significant payments is so worthwhile.

Why isn't the SNB moving to negative interest rates?

The SNB has previously pointed out that negative rates have undesirable side effects, particularly on savers and pension funds. With inflation rising again, a return to negative territory is no longer on the agenda.