21:55 - 27.07.2026

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July 28, Fineko/abc.az. According to people familiar with the Swiss National Bank’s (SNB) internal discussions, the central bank expects to hold its key policy rate at zero percent until the end of 2027 before initiating any rate hikes.

Sources emphasized that while negative borrowing costs remain a contingency option in the event of a fresh macroeconomic shock, it does not constitute the baseline scenario.

The outlook is primarily anchored in current inflation trajectories and assumes no major geopolitical disruptions. Swiss inflation recently slowed to 0.5%, comfortably below the midpoint of the SNB's 0–2% target range.

While the majority of surveyed analysts do not anticipate a rate increase until March 2028, currency traders continue to price in the possibility of an earlier policy adjustment.