for a long time, we have expected a krona appreciation that over the course of the forecast period would bring us to levels approximately in line with what we believe to be appropriate in the long term, given mainly the competitiveness of the swedish economy. during the period 2002 - 2003 as a whole, the krona strengthened roughly as expected. recently, however, this strengthening has been curbed. one reason for this appears to be expected relative interest rates, where there has been a certain shift since the autumn. there may be reason to take this into account and expect a somewhat lesser probability than before of a krona appreciation. on the whole, this discussion of different uncertainty factors and risks does not lead me to see reason to make any appreciable changes to the assessment i have just presented. the risks i have discussed could perhaps push up inflation somewhat. nevertheless, with what we know today, the conclusion remains that inflation will be below the riksbank ’ s target one to two years ahead. by way of conclusion, allow me to stress that much work remains to be done before the next inflation report is published and it is this that will form the basis of our decision about the repo rate at the end of march. so it is not just today ’ s assessment that could be affected by new data. in the light of the analyses currently being carried out, the executive board may assess some of the factors that are significant for inflation in a different way than i have today. thank you.

news conference on new 20 - franc note berne, 10 may 2017 fritz zurbrugg introductory remarks by fritz zurbrugg ladies and gentlemen it is a pleasure to welcome you to our news conference. my colleague thomas wiedmer and i are delighted to present the swiss national bank ’ s new 20 - franc note to you today. we showed you what it looks like just a few minutes ago – i hope you like it. personally, i really like the way it has turned out, and i know that both of my colleagues on the governing board are also very pleased with the result. i shall start with a brief review of our experiences with the ninth banknote series so far ; the 50 - franc note – the first denomination in the new series to be released – entered circulation over a year ago. i shall then make some observations about the theme and design of the 20franc note, before handing over to thomas wiedmer, who will go through the security features and present the accompanying information material. we presented the new 50 - franc note in april 2016 and, as expected, it attracted a great deal of public interest. not only had it been 20 years since the last banknote series was released, but the new notes also contained features that clearly set them apart from earlier series. for starters, they feel different due to the new substrate. furthermore, an entirely new design approach was adopted. the response to the new note has been predominantly positive ; feedback indicates that the public find the theme and the design appealing, and the security features easy to remember. the snb ’ s extensive information campaign surrounding the 50franc note in switzerland and liechtenstein played a role here. among experts – both at home and abroad – the note is seen as high - quality and cutting - edge in terms of its security features. first impressions suggest that, overall, the new 50 - franc note is more stable and, as hoped, more resistant to tearing than the eighth - series notes. however, given that so little time has elapsed, we do not yet have any hard data or long - term forecasts of the quality and fitness for circulation of the new notes. we do have some initial data on the page 1 / 3 berne, 10 may 2017 fritz zurbrugg news conference on new 20 - franc note security front. so far, only a handful of crude counterfeits have come to our attention ; these were spotted immediately and withdrawn from