BCGE adjusts its lending rates and immediately ends negative interest rates

On Thursday 22 September, the Swiss National Bank (SNB) announced that it was raising its key policy rate by 0.75% to 0.50%, thus putting an end to its negative interest rate policy introduced in 2015.

Following this decision, BCGE decided to end negative interest rates on sight deposits in Swiss francs held with the bank. This adjustment will apply to the bank’s clients concerned by this decision from Friday 23 September.

 

The SNB stated that this rate increase is intended to contain inflation in Switzerland, which is expected to rise further in 2023. It cannot be ruled out that further interest rate increases will be necessary in the near future to achieve this objective.