despite the easing, helping keep inflationary pressures low in the period ahead. an important factor in maintaining the restrictiveness of our monetary policy and a confirmation of its high credibility are the lower inflation expectations, which, in the case of the financial sector, are within the inflation target band both one year ahead and in the medium term. 7 оf 9 chart 13 key policy rate and average repo rate chart 14 inflation expectations ( y - o - y rates, in % ) ( y - o - y rates, in % ) key policy rate lending facilities rate average repo rate deposit facilities rate financial sector, 12 months ahead financial sector – bloomberg, 12 months ahead financial sector, 2 years ahead 1 /'20 7 /'20 1 /'21 7 /'21 1 /'22 7 /'22 1 /'23 7 /'23 1 /'24 7 /'24 source : nbs. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 sources : gallup / ipsos / ninamedia, bloomberg and nbs. we will make monetary policy decisions cautiously, on a meeting - to - meeting basis, depending on the pace of inflation ’ s slowdown and movement of its key factors, mindful of the effects on financial stability and economic growth. the aim of our measures is to ensure the best possible support to economic growth by delivering price stability and relative exchange rate stability, thereby contributing to greater business certainty, a more favourable investment climate, as well as higher employment and living standards for our citizens. at the same time, by preserving financial stability, we enable a stronger feedback loop between the financial and real sectors. ladies and gentlemen, dear colleagues, the results achieved did not come overnight, nor were they a gift from god. they had to be earned through a well - thought - out and responsible economic policy. the nbs had a clear mandate, was independent in choosing instruments of action, and exercised effective coordination with the government and constructive cooperation with the financial sector. only in this way could it successfully respond to numerous external challenges, while preserving macroeconomic stability and prospects for dynamic economic growth, which are key factors for employment, as well as the security and stability of our citizens ’ incomes. moreover, the nbs strives to further ease the financial situation for citizens during these turbulent times and to protect them from potential sudden market disruptions. closing my speech, i would like to remind you that, with this goal in mind, we

and cls bank. to meet their delivery obligations in swiss francs, the five banks draw on intraday liquidity, which the snb offers through interest - free repo transactions. since november, direct system participants have been able not only to use cls services for their own purposes but also to offer these services to other banks. with this so - called third party business expanding and further direct participants and currencies joining the system next year, more and more payments will be settled through cls. currently, about 35, 000 transactions in the amount of approximately usd 400 billion are settled in cls every day. all parties involved are very satisfied with the system's mode of operation. by eliminating the settlement risk, cls has made a significant contribution to the stability of the international financial infrastructure.