Switzerland - Money Market Rate

Switzerland: Money Market Rate

Mnemonic IRMM.ICHE
Unit % p.a., NSA
Adjustments Not Seasonally Adjusted
Data Dec 2022 0.87
Nov 2022 0.49

Series Information

Source Banque National Suisse
Release Yields on Bonds
Frequency Monthly
Start Date 1/31/1992
End Date 12/31/2022

Switzerland: Markets

Reference Last Previous Units Frequency
Stock Market Index 25 Jan 2023 11,303 11,327 Index, NSA Daily
Money Market Rate Dec 2022 0.87 0.49 % p.a., NSA Monthly
Treasury Bills (over 31 days) Dec 2022 0.87 0.49 % p.a., NSA Monthly
Average Long-term Government Bond 30 Dec 2022 1.56 1.53 % p.a., NSA Business Daily
Lending Rate 11 Jun 2019 -0.71 Percent, NSA Business Daily

Release Information

Bond yields, or spot interest rates, are the equivalent of yields on zero-coupon bonds. The source estimated the spot interest rates using the extended Nelson/Siegel procedure.

The Swiss Confederation and local public authorities use Money market debt register claims as a means to raise shorts term funds. They were first issued in 1979 and are now an established part of the Swiss money market. Money market debt register claims generally render from three to twelve months and interest is paid on a discount basis. 

Spot rates are returns on zero-coupon bonds or discount bonds. Very few zero coupon bonds are actually issued so the source uses the extended Nelson-Siegel model to estimate the spot rates. 

The data series published before 1988 for Confederation bonds and mortgage bond institutions, and before 2001 for other borrower categories, were calculated as average yields to maturity of a fixed bond basket. The redefinition of the bond basket at the beginning of each year was often coupled with a significant change in the average residual maturity and average yield. 

SARON = Swiss Averahe Rate Overnight with a noon fixing. 

Federal money market debt register claims are based on the yield at auction, using the last auction of the month in the case of a month with multiple auctions. 

Data is subject to revision.

For more information, please visit the SNB at https://data.snb.ch/en/topics/ziredev#!/doc/explanations_ziredev