SNB's Tschudin: Economic Activity In Switzerland Resilient, With Solid GDP Growth In First Quarter

Ladies and gentlemen On behalf of the Governing Board, it is my pleasure as Chairman to welcome you to the SNB's news conference. After our introductory remarks, we will as usual be pleased to take any questions you may have. Monetary policy decision I will begin with our monetary policy decision. We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. If necessary, we have an increased willingness to intervene in the foreign exchange market. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Inflation has risen in recent months as a result of higher energy prices. Medium-term inflationary pressure, however, is virtually unchanged compared with the last monetary policy assessment. Our mo SNB's Chairman Schlegel: Energy prices still determined by war situation. SNB's Chairman Schlegel: If necessary our readiness to intervene in forex market is higher, difficult to say if it is more or less than before.

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SNB's Chairman Schlegel: At the moment it is not necessary to act on interest rate.