ravi menon : inauguration of swiss national bank ’ s singapore branch congratulatory remarks by mr ravi menon, managing director of the monetary authority of singapore, at the inauguration of swiss national bank ’ s singapore branch, singapore, 11 july 2013. * * * mr thomas jordan, chairman of the governing board, swiss national bank ambassador thomas kupfer ladies and gentlemen, good afternoon. i am delighted to be here to celebrate the opening of swiss national bank ’ s first overseas branch office, right here in singapore. the opening of snb ’ s singapore branch is significant. it reflects the growing importance of asian markets in the portfolios of many long - term investors such as the snb. currently, there are over 500 players in the asset management industry operating in singapore with total assets under management of around usd 1. 1 trillion. if asia is the heart of the global economy, then it is in singapore that you feel the heartbeat. from singapore, you will get a good feel of not just the well - established markets in northeast asia, but also the rapidly emerging ones in south and southeast asia. this new branch office will help snb form closer and stronger ties with partners in this fast - growing part of the world. in particular, snb will have the opportunity to exchange views with the vibrant asset management community in singapore, including many asia - focused managers and investment professionals. we are doubly pleased that snb has chosen to come to singapore, because our two countries are like kindred spirits. the popular media sometimes calls singapore the “ switzerland of asia ”. we have always taken the comparison as a great compliment. switzerland is known the world over for its stability, prudence, efficiency, and diligence – all attributes that we in singapore also aspire to. both switzerland and singapore are small trading nations with a shared interest in promoting free trade and maintaining an open, rulesbased global economy. switzerland is an important economic partner to singapore. many swiss multinationals have a strong presence in singapore and they are a source of high value - added investments. similarly, singapore companies are actively making direct investments in switzerland. today, switzerland is our 5th largest trading partner in europe while singapore is switzerland ’ s 4th largest trading partner in asia. as central banks, snb and mas share some common challenges. since the financial crisis, the openness, financial soundness, and strong fundamentals of our two countries have made us highly attractive to global capital, with implications for monetary and

estimates and include the effects of measures such as free higher education introduced in april 2020. source : ministry of internal affairs and communications. chart 3 real gdp japan united states s. a., cy 2019 = 100 euro area s. a., cy 2019 = 100 cy19 sources : cabinet office ; haver. cy 19 s. a., cy 2019 = 100 cy19 chart 4 output gap developments since the outbreak of covid - 19 long time series [UNK] - 2 - 2 - 4 - 4 - 6 - 6 - 8 cy 85 20 22 [UNK] - 8 19 / q4 21 / q1 21 / q1 note : the output gap is estimated by the bank's research and statistics department. source : bank of japan. chart 5 consumer prices japan united states y / y % chg. temporary factors energy < 7 % > services < 50 % > goods < 40 % > cpi ( less fresh food ) < 100 % > euro area y / y % chg. energy < 7 % > goods < 30 % > cpi < 100 % > - 1 - 1 - 1 - 2 cy 16 services < 42 % > goods < 47 % > hicp < 100 % > - 2 - 2 cy 16 energy < 11 % > services < 63 % > y / y % chg. cy 16 notes : 1. figures for services include administered prices. 2. figures for temporary factors for japan are bank staff estimates and consist of the effects of the reduction in mobile phone charges, the consumption tax hike, free education policies, and the " go to travel " campaign, which covers a portion of domestic travel expenses. 3. figures in angular brackets show the share of each component. figures for temporary factors for japan include mobile phone charges ( weight : 3 % ). 4. figures for 2022 / q3 are those for july. sources : haver ; ministry of internal affairs and communications. chart 6 price change distributions japan united states euro area share of the number of items, % share of the number of items, % share of the number of items, % pre - pandemic goods energy - 10 or less december 2019 december 2019 september 2019 - 5 - 10 or more y / y % chg. share of the number of items, % or less latest services - 5 share of the number of items, % - 10 - 5 or less or more y / y % chg. or more y / y % chg. share of the number of items