beginning of the year, and the smi, switzerland ’ s leading index, has lost more than 15 % over the same period ( cf. chart 3 ). foreign exchange markets were likewise heavily shaped by the shift in monetary policy : the us dollar, for instance, has appreciated more than 7 % on a trade - weighted basis since the beginning of the year. the trade - weighted euro, on the other hand, has lost around 1. 5 % and the japanese yen has actually depreciated by more than 10 % on a trade - weighted basis over the same period. the swiss franc temporarily appreciated immediately following the outbreak of the war in ukraine. the trade - weighted swiss franc exchange rate, however, was recently below its level at the beginning of the year ( cf. chart 4 ). adjustment of the threshold factor i would now like to discuss the lowering of the threshold factor from 30 to 28 as mentioned earlier by thomas jordan. with this technical adjustment, which will take effect from 1 july 2022, we will ensure that sufficient amounts of sight deposits are subject to negative interest, and that the latter is being passed on to the money market as intended. from march 2022, upward pressure built up on the short - term rates on the secured money market. this stemmed from the fact that the exemption thresholds had risen over time due to the dynamic calculation model, which meant that there were no longer sufficient amounts of sight deposits subject to negative interest. to keep the secured short - term money market rates close to the snb policy rate, the snb provided additional liquidity to the money market via repo transactions as a temporary measure. however, given that the increase in exemption thresholds is structural in nature, it is appropriate that we lower the threshold factor. this will result in the secured short - term money market rates being close to the snb policy rate again without the snb having to regularly provide larger amounts of liquidity. the snb will continue to regularly review the basis for calculating the exemption threshold and adjust it as necessary. page 2 / 4 berne, 16 june 2022 andrea m. maechler news conference charts page 3 / 4 berne, 16 june 2022 andrea m. maechler news conference page 4 / 4

jean - pierre roth : switzerland – a platform for global business summary of a speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank and chairman of the board of directors of the bank for international settlements, at the forum de l'economie vaudoise, lausanne, 14 september 2007. the complete speech can be found in french on the swiss national bank ’ s website ( www. snb. ch ). * * * within the past ten years, switzerland has become a genuine platform for global economic operations. from here, the international markets are being worked systematically, and an ever - growing part of our economic performance is now attributable to investment activity abroad. this is a welcome development since it allows us to keep high value - added jobs in switzerland. however, it also involves some risk because the international mobility of production has increased. consequently, the general conditions which help to keep switzerland attractive as a business location must be maintained. this platform for global economic operations has given us a role outside the european union and the euro area. thus we have chosen to face the challenge of globalisation instead of the challenge of european integration. our path may be demanding, but it is also promising!