Switzerland's central bank has completed its rate hiking cycle despite indicating the possibility for additional increases last week when it left borrowing costs unchanged.

This is according to the majority of economists surveyed by Reuters news agency.

The Swiss National Bank (SNB) held its policy rate at 1.75% last Thursday, stating that inflation – sitting at 1.6% in August and remaining within the central bank's target of between 0% and 2% - had edged down. However, it said additional tightening cannot be ruled out.

Nevertheless, this is an unlikely scenario according to the economists polled. A total of 24 out of the 26 surveyed by Reuters following the central bank's decision last week forecast no further rate rises within the current cycle. 

This leaves the Swiss National Bank in line with the European Central Bank, which has also completed its rate hiking cycle, according to the findings from another Reuters survey.

"The SNB's decision to keep rates unchanged at 1.75% was a big surprise, although it left the door open for further hikes. We do not expect any further increases in the policy rate as we expect inflation to fall next year," according to Adrian Prettejohn at Capital Economics.

"With inflation easing and the economy weakening, we expect that the SNB is internally more dovish than it is letting on," he went on to add.

Following last week's meeting, the Chairman of the SNB, Thomas Jordan, left the door open for additional rate hikes, stating, "there is still an existing inflationary pressure, and we do not exactly know whether this inflationary pressure will increase again."

The first-rate cut is not forecast until Q4 next year, according to a smaller sample of 17 economists. The Swiss Central Bank typically only makes policy decisions once every three months.