SZ SNB Press Conference

Ladies and gentlemen As Chairman of the Governing Board, it is my pleasure to welcome you to the news conference of the Swiss National Bank. I would also like to welcome all those who are joining us today online. After our introductory remarks, we will take questions from journalists as usual. Questions can also be asked by telephone. Monetary policy decision I will begin with our monetary policy decision. We have decided to lower the SNB policy rate by 0.25 percentage points to 1.0%. The change applies from tomorrow, 27 September 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 0.5% above this threshold. We also remain willing to be active in the foreign exchange market as necessary. Inflationary pressure in Switzerland has again decreased significantly compared to the previous quarter. Among other things, this decrease reflects the appreciation of the Swiss franc over the last three months. With today’s easing of monetary policy, we are taking the reduction in inflationary pressure into account. Further cuts in the SNB policy rate may become necessary in the coming quarters to ensure price stability over the medium term. Inflation forecast Allow me to address the development of inflation in more detail. Inflation in the period since the last monetary policy assessment was lower than expected, standing at 1.1% in August compared to 1.4% in May. Imported goods and services in particular contributed to the decline. Overall, inflation in Switzerland is currently being driven mainly by higher prices for domestic services. post: SNB'S CHAIRMAN JORDAN: DOWNSIDE RISKS TO INFLATION ARE HIGHER THAN UPSIDE RISKS. post: SNB'S CHAIRMAN JORDAN: STRONG FRANC, LOWER OIL AND ELECTRICITY PRICES CONTRIBUTED TO LOWER INFLATION FORECASTS. post: SNB'S CHAIRMAN JORDAN: IT'S NOW POSSIBLE FOR ALL BANKS TO OBTAIN LIQUIDITY AGAINST SECURITIES (PREVIOUSLY ONLY APPLIED TO BIG BANKS).

As Chairman of the Governing Board, it is my pleasure to welcome you to the news conference of the Swiss National Bank. I would also like to welcome all those who are joining us today online. After our introductory remarks, we will take questions from journalists as usual. Questions can also be asked by telephone. Monetary policy decision I will begin with our monetary policy decision. We have decided to lower the SNB policy rate by 0.25 percentage points to 1.25%. The change applies from tomorrow, 21 June 2024. Banks’ sight deposits ...

post: SNB'S CHAIRMAN JORDAN: SWISS INFLATION DRIVEN BY PRICES FOR DOMESTIC SERVICES. post: SNB'S CHAIRMAN JORDAN: SWISS FRANC HAS SIGNIFICANTLY INCREASED IN THE PAST WEEKS. post: SNB'S CHAIRMAN JORDAN: UNDERLYING INFLATION PRESSURE HAS DECREASED. post: SNB'S CHAIRMAN JORDAN: THE SNB IS WILLING TO BE ACTIVE IN THE FOREX MARKETS AS NECESSARY. post: SNB'S CHAIRMAN JORDAN: FRANC APPRECIATION IS DUE TO POLITICAL UNCERTAINTIES.

post: SNB'S JORDAN: WILL ADJUST MONETARY POLICY AGAIN IF NECESSARY.Introductory remarks, news conference Ladies and gentlemen As Chairman of the Governing Board, it is my pleasure to welcome you to the news conference of the Swiss National Bank. I would also like to welcome all those who are joining us today online. I extend a special welcome to Antoine Martin. This is his first press conference as a Member of the Governing Board. After our introductory remarks, we will take questions from journalists as usual. Questions can also be asked by telephone. Monetary policy decision I will begin with our monetary policy decision. We have decided to lower the SNB policy rate by 0.25 percentage points to 1.5%. The change applies from tomorrow, 22 March 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 1.0% above this threshold. We also remain willing to be active in the foreign exchange market as necessary. The easing of our monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective. For some months now, inflation has been back below 2% and thus in the range we equate with price stability. According to our new forecast, inflation is also likely to remain in this range over the next few years. With our decision, we are taking into account the reduced inflationary pressure as well as the appreciation of the Swiss franc in real terms over the past year. The policy rate cut also supports economic activity. Today’s easing thus ensures that monetary conditions remain appropriate. We will continue to monitor the development of inflation closely. We will adjust our monetary policy again if necessary to ensure inflation remains within the range consistent with price stability ov

Ladies and gentlemen As Chairman of the Governing Board, it is my pleasure to welcome you to the news conference of the Swiss National Bank. I would also like to welcome all those who are joining us today online. After our introductory remarks, we will take questions from journalists as usual. Questions can also be asked by telephone. Monetary policy decision I will begin with our monetary policy decision. We have decided to leave the SNB policy rate unchanged at 1.75%. Banks’ sight deposits held at the SNB are remunerated at the SNB policy rate up to a certain threshold, and at 1.25% above this threshold. We are also willing to be active in the foreign exchange market as necessary. Inflationary pressure has decreased slightly over the past quarter. However, uncertainty remains high. We will therefore continue to monitor the development of inflation closely. We will adjust our monetary policy if necessary to ensure inflation remains within the range consistent with price stability over the medium term. Inflation forecast Allow me to address the development of inflation. Inflation stood at 1.4% in November, and was thus somewhat lower than in the previous months. The slight decrease was above all attributable to lower inflation on goods and tourism services. However, inflation is likely to increase again somewhat in the coming months due to higher electricity prices and rents, as well as the rise in VAT. Our new condition post: SNB'S CHAIRMAN JORDAN: THE SNB IS NO LONGER FOCUSING ON FOREIGN CURRENCY SALES. post: SNB'S CHAIRMAN JORDAN: INFLATIONARY PRESSURE HAS DECREASED SLIGHTLY, BUT UNCERTAINTY REMAINS HIGH. post: SNB'S CHAIRMAN JORDAN: THE ASSESSMENT OF UPSIDE AND DOWNSIDE RISKS FOR INFLATION ARE CURRENTLY BALANCED. post: SNB'S CHAIRMAN JORDAN: ANY THREAT OF A DOWNWARD SPIRAL WITHIN THE CASH SYSTEM SHOULD BE COUNTERED AT AN EARLY STAGE.