What Happened to Swiss National Bank (SNB)?
The Swiss National Bank (SNB) is Switzerland's independent central bank, mandated to ensure price stability and contribute to financial system stability. In recent years, it navigated the Credit Suisse crisis by providing substantial liquidity, underwent a leadership transition in 2024, and has maintained a 0% policy rate since mid-2025, relying on foreign exchange interventions to manage the strong Swiss franc amidst low inflation and global economic uncertainties.
Quick Answer
The Swiss National Bank (SNB) has maintained its policy rate at 0% since mid-2025, a stance it continued through June 2026, with economists expecting it to remain at this level through the end of 2026. Following the Credit Suisse crisis in March 2023, the SNB played a critical role by providing extensive liquidity assistance. Martin Schlegel took over as Chairman of the Governing Board in October 2024, succeeding Thomas Jordan. The SNB is actively using foreign exchange interventions to counter the appreciation of the Swiss franc and manage inflation, which slowed to 0.4% in July 2026.
📊Key Facts
📅Complete Timeline15 events
SNB Provides Emergency Liquidity to Credit Suisse
Amidst a severe crisis of confidence, the Swiss National Bank provided Credit Suisse with emergency liquidity assistance (ELA) of CHF 50 billion to stabilize the bank.
SNB Supports UBS Acquisition of Credit Suisse
The SNB committed up to CHF 200 billion in liquidity assistance (ELA+ and PLB) to facilitate UBS's acquisition of Credit Suisse, preventing a wider financial crisis.
Credit Suisse Repays Emergency Liquidity, PLB Terminated
Credit Suisse fully repaid the ELA+ and PLB funds provided by the SNB, and UBS terminated the Public Liquidity Backstop agreement.
SNB Becomes First Major Central Bank to Cut Rates
The SNB cut its policy rate, becoming the first major central bank in Europe to ease monetary policy, signaling a shift in its inflation outlook.
Martin Schlegel Appointed New SNB Chairman
The Federal Council appointed Martin Schlegel as the new Chairman of the SNB Governing Board, succeeding Thomas Jordan, effective October 1, 2024. Antoine Martin became Vice Chairman, and Petra Tschudin joined the board.
SNB Considers Further Rate Cuts Amid Strong Franc
With inflation surprising on the downside and a strong Swiss franc weighing on exports, the SNB was expected to cut its key rate further and potentially increase foreign exchange interventions.
SNB Cuts Policy Rate to 0.25%
The SNB continued its monetary easing, cutting the policy rate by 0.25 percentage points, bringing it to 0.25%.
SNB Lowers Policy Rate to 0%
The SNB cut its policy rate by another 0.25 percentage points, reaching 0%, where it has remained since.
SNB Holds Rates at 0%, Lowers 2026 Inflation Forecast
Despite a recent fall in inflation to 0%, the SNB held its policy rate steady at 0%, indicating a preference for foreign exchange interventions over negative rates and lowering its inflation forecast for 2026 to 0.3%.
SNB Reports CHF 26.1 Billion Profit for 2025
The SNB announced a profit of approximately CHF 26.1 billion for the 2025 financial year, enabling a dividend payment of CHF 15 per share and a CHF 4 billion distribution to the government and cantons.
SNB Holds Policy Rate at 0%, Signals Increased FX Intervention Willingness
The SNB kept its policy rate at 0% and raised its short-term inflation forecast due to energy prices, but reiterated its increased willingness to intervene in foreign exchange markets to counter franc appreciation.
SNB Maintains 0% Policy Rate Amidst Benign Inflation Outlook
The Swiss National Bank held its policy rate at 0% as expected, noting that inflation remained within its target range despite recent increases due to energy prices, and reiterated its readiness for FX interventions.
SNB Publishes Financial Stability Report 2026
The SNB released its Financial Stability Report for 2026, supporting further strengthening of 'too big to fail' (TBTF) regulations following the Credit Suisse crisis.
SNB Adjusts Remuneration of Sight Deposits
Effective August 1, 2026, the SNB lowered the threshold factor for the remuneration of sight deposits of account holders subject to minimum reserve requirements from 15 to 13.5.
Swiss Inflation Slows to Four-Month Low
Swiss inflation slowed to 0.4% year-on-year in July, a four-month low, resisting the impact of energy prices and remaining comfortably within the SNB's target range.
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🔍Deep Dive Analysis
The Swiss National Bank (SNB), established in 1907, operates as Switzerland's independent central bank, with its primary mandate being to ensure price stability while considering economic developments. It also holds the exclusive right to issue Swiss franc banknotes and plays a crucial role in maintaining financial system stability.
A significant turning point for the SNB in recent history was the Credit Suisse crisis in March 2023. As the bank faced severe liquidity issues and a potential collapse, the SNB stepped in as the lender of last resort, providing an unprecedented CHF 168 billion in liquidity assistance through various facilities, including Emergency Liquidity Assistance (ELA), ELA+, and a Public Liquidity Backstop (PLB). This intervention was critical in preventing a global financial crisis and facilitating the acquisition of Credit Suisse by UBS. The crisis highlighted the importance of robust 'too big to fail' (TBTF) regulations, which the SNB continues to advocate for strengthening.
In terms of leadership, a notable change occurred in 2024. After more than 12 years, Thomas Jordan announced his retirement as Chairman of the Governing Board. On October 1, 2024, Martin Schlegel, previously Vice Chairman, assumed the role of Chairman. Antoine Martin was appointed Vice Chairman, and Petra Tschudin joined the Governing Board as a new member. This transition aimed to ensure continuity in the SNB's low-inflation policies.
Monetary policy has been a central focus for the SNB. After being one of the first major central banks in Europe to cut interest rates in early 2024, the SNB continued its easing cycle. In March and June 2025, it cut the SNB policy rate by 0.25 percentage points on each occasion, bringing it down from 0.5% to 0%. Since then, the policy rate has remained unchanged at 0% through December 2025, March 2026, and June 2026. Economists widely expect the SNB to maintain this zero-rate policy through the end of 2026, with potential rate hikes only anticipated in the second half of 2027.
A key challenge for the SNB has been managing the strength of the Swiss franc, particularly its safe-haven appeal during periods of global geopolitical uncertainty, such as the conflict in the Middle East. A strong franc can dampen inflation through cheaper imports and negatively impact Switzerland's export-oriented economy. Consequently, the SNB has increasingly signaled and demonstrated a willingness to intervene in foreign exchange markets to counter excessive franc appreciation, preferring this tool over further negative interest rates.
Inflation in Switzerland has remained relatively subdued compared to other major economies. While short-term inflation saw a slight increase in early 2026 due to higher energy prices, the SNB's forecasts for 2026, 2027, and 2028 remain comfortably within its 0-2% price stability target range. As of July 2026, Swiss inflation slowed to a four-month low of 0.4% year-on-year. The SNB reported a profit of CHF 26.1 billion for 2025, a decrease from the record surplus of CHF 80.7 billion in 2024, but still enabling a maximum dividend payment of CHF 15 per share and a CHF 4 billion distribution to the Confederation and cantons. For the first quarter of 2026, the SNB reported a profit of CHF 14.2 billion. In August 2026, the SNB also adjusted the threshold factor for the remuneration of sight deposits.
What If...?
Explore alternate histories. What if Swiss National Bank (SNB) made different choices?