Swiss National Bank drops pledge of 'increased willingness' to intervene in FX market
The bank held its interest rate at 0.00% at the same meeting.
Published
The Swiss National Bank removed language from its foreign exchange statement that had signalled readiness to step into currency markets to support the franc.
The wording, introduced at the SNB's meeting on June 18, 2026, had said: "If necessary, the SNB has an increased willingness to intervene in the foreign exchange market." That phrase does not appear in Thursday's statement.
The SNB kept its interest rate unchanged at 0.00%. The franc had fallen about 2% against the euro since the SNB's last meeting, according to Newsquawk. Ahead of the decision, DBS Group Research economist Philip Wee had said haven pressure on the franc against the euro and pound had eased, and that the SNB could soften its intervention language, FXStreet reported.
Holding rates at zero while dropping the FX language points to confidence that the franc does not need extra support. The shift removes a tool the SNB had held in reserve for the currency, but steady rates and a stated focus on the strength of the banking system suggest this is a clarification of its position rather than a change in policy direction.