enabling them to access crucial resources and networks such as market opportunities, talent and capital. singapore has also consistently retained our position as the country with one of the best business environments. this is driven by many factors such as a progressive regulatory environment, which we will continue to improve through rules and process 3 / 7 bis - central bankers'speeches reviews, stable and efficient infrastructure, and access to top quality financial intermediation and services. this is also why many companies, both local and foreign, choose to set up their regional and global headquarters in singapore. the review group will build on this strong foundation to enhance our value proposition to growth companies from singapore and the region, by providing them with a strong equities market to raise capital for their growth and expansion. a. a key target segment of companies that we hope can consider a listing in singapore are those which are already based here. we will look at the incentives to encourage listing, and to reduce the costs of listing to lower entry barriers. b. there is also scope to explore attracting growth companies from emerging markets, in certain niches such as in fintech & innovation and sustainability. such companies could benefit from raising capital in a trusted and open market venue like singapore. at the same time, due to the current venture capital funding winter, we have observed that more start - ups are listing before they are ready for the scrutiny of public markets. these companies are looking for alternative markets to maximise the valuation for their investors who are seeking exits. a. in this regard, we are reviewing how we can work with investors and fund managers to catalyse the secondary private fund sector to better support and nurture such late - stage start - ups in our ecosystem, as they grow and consider an ipo in the future. other areas the review group will explore include enhancing research coverage of targeted sectors, before and after they go public. a. research provides visibility and bridges information asymmetry, helping companies attract investors and capital. it also generates investor interest and supports their decision - making when these companies are ready to transit from being privately - held to publicly - listed. b. we will collaborate closely with the industry, including sias, to explore initiatives to strengthen research capabilities and expand coverage of our companies. enhancing investor participation and broadening market liquidity next, to complement our efforts to strengthen and broaden the pipeline of growth companies, we recognise the need to further deepen market liquidity through demand initiatives. market liquidity is necessary to

our conditional inflation forecast will now be based on the assumption of an unchanged snb policy rate over the relevant horizon. the snb policy rate signals the interest rate level we will seek to maintain on the short - term money market. in assessing the actual conditions on the money market, we are focusing on saron. the terms for monetary policy - related transactions will be based on the snb policy rate. page 2 / 5 berne, 13 june 2019 thomas jordan news conference this adjustment does not entail any change in our current monetary policy, and in particular our expansionary stance. the inflation forecast of march 2019 and the new forecast can be directly compared with one another. in the current environment, the assumption of a given interest rate remaining unchanged results in an identical forecast, irrespective of whether it is the snb policy rate or the three - month libor that is being kept constant. this also applies to the conditions on the money market. the three - month libor and saron are virtually on a par at present. setting the snb policy rate at −0. 75 % therefore means that conditions on the money market remain unchanged. in my remarks, i have looked at the changeover to the snb policy rate from the perspective of monetary policy. my colleague andrea maechler will talk about the market ’ s transitioning from the libor to saron in more detail. we are supporting the work on this transition since representative and reliable reference rates are of pivotal importance for monetary policy and the financial markets alike. i would now like to return to my explanation of our monetary policy. an expansionary monetary policy remains necessary against the backdrop of the current price and economic developments. on a trade - weighted basis, the swiss franc is somewhat stronger than in march and is still highly valued. the situation on the foreign exchange market continues to be fragile. the negative interest rate and our willingness to intervene in the foreign exchange market as necessary remain essential in order to keep the attractiveness of swiss franc investments low and thus ease pressure on the currency. looking at the short term, the new conditional inflation forecast is slightly higher than in march. this is primarily attributable to a rise in the prices of imported goods. the longer - term inflation forecast is virtually unchanged. for 2019 it stands at 0. 6 %, up from the figure of 0. 3 % last quarter. for 2020, we anticipate an inflation rate of 0. 7 %, compared to