The central banks of Switzerland and Sweden left their key interest rates unchanged Thursday, diverging from the Federal Reserve and the European Central Bank as energy prices drive inflation higher.

However, both banks said they stood ready to act should inflationary pressures intensify.

The Swiss National Bank left its main interest rate unchanged as expected at 0% for the fifth straight quarterly meeting. The Riksbank continued to hold its rate at 1.75%, where it has been since last September.

Higher fuel prices since the closure of the Strait of Hormuz have prompted central banks globally to increase borrowing costs in an effort to contain inflation, although at different speeds. The Bank of England last week also left its key rate unchanged.

But while the annual rate of inflation has moved above the targets set by central banks in most economies, the pace of price rises in Switzerland and Sweden has remained low given their low reliance on imported fossil fuels.

Medium-term inflationary pressure has increased only slightly since then, the SNB said. The Riksbank noted that inflation is low due to temporary tax cuts, but indicators suggest it will rise in the near term.

Switzerland is less exposed to the energy price swings of its eurozone neighbors due to lower reliance on imported oil and gas from the Middle East. However, Switzerland's inflation rate has picked up due to higher energy costs, and economic growth was--like in Sweden--surprisingly strong in the second quarter.

While economists vary on their forecasts for the SNB's interest rate, investors expect the bank to hike rates twice by a quarter-point by June 2027, according to LSEG. The SNB, nevertheless, indicated it was in no rush to act, saying monetary policy is appropriate to keep inflation at target.

In Sweden, the depreciating krona against the euro could prompt the Riksbank to act faster. The krona has lost around 4% against the single currency in the past six months.

The central bank's rate-path guidance showed a raised probability of tightening before the end of the year. Investors expect at least four quarter-point hikes by May next year.

The Swiss franc was slightly down and Swedish krona a little up against the dollar after the rate decisions.