SNB Quarterly Report 1/2026

Swiss National Bank Quarterly Monetary Policy Overview – December 2025

This summary is prepared for the Swiss National Bank's Governing Board in anticipation of the December 2025 quarterly monetary policy review. It outlines recent trends in Switzerland's economy and monetary environment, and provides insight into the SNB's inflation outlook. The document details the central bank's interpretation of current economic conditions and the resulting policy decisions.

• On December 11, 2025, the SNB opted to maintain its policy interest rate at 0%.
• Medium-term inflationary pressures remained largely stable compared to the previous quarter.
• The current monetary policy stance continues to support inflation staying within the SNB's target range.