The Swiss National Bank said on Wednesday that Switzerland's credit market has proved resilient in the aftermath of the Credit Suisse collapse, with no signs of a credit crunch.
SNB Directorate President Martin Schlegel and Bank Council President Barbara Janom Steiner discussed the economic situation, monetary policy and financial stability questions with the Federal Council during their annual exchange of views, according to a statement released Wednesday.
Domestic credit volume had grown continuously over the previous decade and continued to expand after Credit Suisse's collapse, the SNB said, adding that indications of a credit crunch were absent.
Risks from financial intermediaries outside the banking sector, such as investment funds, were assessed as "limited" by the central bank, while stressing their importance for the Swiss financial system.
For 2026, the SNB expects Swiss economic growth of between 1.5% and 2%. For 2027 it forecasts roughly 1.5%, confirming its September outlook. Growth is being supported by impulses from abroad, monetary policy and the depreciation of the Swiss franc since spring 2026.
Swiss inflation rose significantly from 0.6% in May to 1.5% in October, driven primarily by higher oil product prices following escalation in the Middle East. On an international basis, however, the rise in prices remained modest and stayed within the SNB's target range of zero to two percent.
For the global economy, the SNB expects moderate growth in the coming quarters. Key risks include further increases in energy prices, the trade-policy environment and exchange-rate developments.
The SNB left its benchmark interest rate unchanged at 0% in September and reaffirmed its willingness to intervene in the foreign-exchange market if necessary to ensure adequate monetary conditions.
