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# Why The Swiss National Bank Set A -0.75% Interest Rate

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<!-- video src="https://cdn.jwplayer.com/manifests/Qk5PqkoZ.m3u8" -->
## Video: Why The Swiss National Bank Set A -0.75% Interest Rate

[Watch (HLS stream): Why The Swiss National Bank Set A -0.75% Interest Rate](https://cdn.jwplayer.com/manifests/Qk5PqkoZ.m3u8) (1:23)

![Why The Swiss National Bank Set A -0.75% Interest Rate](https://cdn.jwplayer.com/v2/media/Qk5PqkoZ/poster.jpg?width=720)

_Published 2015-01-15. The Swiss National Bank put out a statement confirming it was dropping interest rates to -0.75 percent. No central bank in the world has ever set an interest rate so low._


---

Jul 27, 2023 5:46 PM UTC

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## More From This Series

[All Videos](https://time.com/video/)

[The Fed's Latest Interest Rate Hike Could Set Off a 'Domino Effect' in Regional Bank Failures](/video/DbZcwu9Z/)

### The Fed's Latest Interest Rate Hike Could Set Off a 'Domino Effect' in Regional Bank Failures

[The Fed Just Raised Interest Rates By .75 Points](/video/5EkxWimj/)

### The Fed Just Raised Interest Rates By .75 Points

[What's With The Fed and Interest Rates? Money](/video/ZjsduZFQ/)

### What's With The Fed and Interest Rates? Money

---


## Transcript

Switzerland wants to keep money out of the country. That's how bad the rest of the world's economies are. The world's most iconic banking nation is effectively issuing penalties to keep outside money from coming in. The Swiss National Bank put out this statement Thursday confirming it was discontinuing the current minimum exchange rate from Swiss franks to Euros. And dropping interest rates to

>> 0. 75 %. No central bank in the world has ever set an interest rate so low. Since the start of the Eurozone Crisis in 2010, many investors have sent money to Switzerland, a spot they hoped would be a safe haven from the more volatile world market. Flattering of course but not when so much money comes in that the Franc rises to a level that makes it tough for the Swiss economy to get by. The recent tension can be attributed to the surprisingly large and lengthy drop in the price of oil. As Jeffery Smith points out, central banks usually like to look through the impact of changes in commodity prices, which are historically volatile and notoriously difficult to predict.

But European Central Bank board member Benoît Coeure recently cited oil prices. When he told a German newspaper, we do indeed want to screen out short- term effects, but it's becoming more and more difficult to keep to this. Once the SNB removed the floor for the Franc Euro exchange rate, the Euro dropped significantly, and still only recovered to just better than one Franc per Euro.

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