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Switzerland has historically maintained very low central bank policy rates. Between 1957 and 1992, the highest recorded rate was percent in 1991 and 1992, reflecting exceptional monetary tightening during that period. In more recent history, prior to the global economic turbulence beginning in 2022, Switzerland operated with negative interest rates, with the policy rate set at negative **** percent. Even during the global tightening cycle in 2023, when many major economies maintained substantially higher interest rates, Switzerland’s policy rate peaked at only **** percent. As inflationary pressures eased, the Swiss National Bank reduced the policy rate further, cutting it to **** percent by June 2026, reinforcing Switzerland’s long-standing low-rate monetary environment.