Free Trial

Bank Raises Policy Rate by 75bps, Introduces Threshold For Sight Deposits

  • Swiss National Bank raises the headline policy rate by 75bps, to 0.50%, as expected.
  • The introduction of a threshold to sight deposits is a new element here for SNB policy - the unspecified threshold effectively means sight deposits will be treated differently above / below a certain level, with differing rates applied to below the threshold (+0.5%) and above the threshold (0.0%).
  • The level of this threshold will be a focus, with implementation notes likely to take attention if released.
  • On inflation forecasts - CPI path only sees a minor bump higher this year and the next, and GDP marked down - both inline with expectations.
  • Full statement is here:
MNI London Bureau | +44 203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.