news conference embargo 21 march 2024, 10. 00 am introductory remarks by the governing board thomas jordan, martin schlegel and antoine martin chairman of the governing board / vice chairman of the governing board / member of the governing board swiss national bank zurich, 21 march 2024 © swiss national bank page 1 / 6 zurich, 21 march 2024 thomas jordan, martin schlegel and antoine martin 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 over the medium term. inflation forecast allow me to address the development of inflation. inflation has declined further since the beginning of the year, and stood at 1. 2 % in february. this decrease was attributable to lower goods inflation. inflation is currently being driven above all by higher prices for domestic services. our new conditional inflation forecast is significantly lower than that of december

thomas jordan : monetary policy – achieving a balance between inflation and growth summary of a speech by mr thomas jordan, member of the governing board of the swiss national bank, at the annual meeting of the swiss venture club, berne, 2 september 2008. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). * * * following several settled years, the international downturn in the economy, high commodity prices and the ongoing financial market crisis is challenging central banks on a number of fronts simultaneously. by comparison with other countries, switzerland is in a relatively good position thanks to the continued strength of consumption, full order books, full employment, low inflation by international standards and few excesses in the real estate market. however, the global economic decline is likely to reach switzerland, albeit with a certain lag. in particular, the economic slowdown now becoming apparent in europe could have a considerable impact on the swiss business cycle by reducing the demand for our exports. moreover, the pessimistic mood in the financial markets is not likely to be conducive to the creation of value in the financial sector. however, the relative stability of the swiss franc should continue to support our exports. the recent rise in the swiss rate of inflation to over 3 % is mainly attributable to first round effects, i. e. to the direct results of the increase in oil prices. if, as expected, second round effects remain contained, the rate of inflation should drop back below 2 % during the course of 2009, and long - term inflation expectations should remain low. based on these assumptions, current monetary policy is appropriate. however, if inflation does not fall back due to second round effects as expected, the snb would need to counter this development in order to anchor price stability.