News conference  Embargo 22 June 2023, 10.00 am  Introductory remarks by the Governing Board  Thomas Jordan, Martin Schlegel and Andréa M. Maechler Chairman of the Governing Board / Vice Chairman of the Governing Board / Member of the Governing Board Swiss National Bank Zurich, 22 June 2023 © Swiss National Bank  Page 1/8  Zurich, 22 June 2023 Thomas Jordan, Martin Schlegel and Andréa M. Maechler  News conference  Ladies and gentlemen 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. 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 tighten our monetary policy further and to raise the SNB policy rate by 0.25 percentage points to 1.75%. In doing so, we are countering inflationary pressure, which has increased again over the medium term. It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term. To provide appropriate monetary conditions, we also remain willing to be active in the foreign exchange market as necessary. In the current environment, the focus is on selling foreign currency. The SNB policy rate change applies from tomorrow, 23 June 2023.
Page 3/8  Zurich, 22 June 2023 Thomas Jordan, Martin Schlegel and Andréa M. Maechler  News conference  The renewed increase in our policy rate is therefore necessary to bring inflation back to the range consistent with price stability on a sustainable basis over the medium term. We cannot at this stage rule out the necessity of further monetary policy tightening to achieve this objective. It is also important in this regard that the ample liquidity assistance we provided to Credit Suisse in March does not influence our monetary policy stance. My colleague Andréa Maechler will address this specifically when she sets out how we implemented our monetary policy over the past quarter. Allow me to return briefly to the subject of rents. Policy rate increases lead to a rise in mortgage rates and thus also in the reference interest rate for rents. This makes it possible for some rents to be increased, which can in turn temporarily result in higher overall inflation. However, this feedback effect must not be taken as a reason for refraining from necessary policy rate increases. For without a more restrictive monetary policy, there would be a danger of inflation becoming entrenched and much stronger rate increases being required in the future. Today’s further tightening of our monetary policy is therefore also appropriate from this perspective. Ladies and gentlemen, I now hand over to Martin Schlegel. The SNB published its latest Financial Stability Report this morning. I would like to present the main points to you now.