Ladies and gentlemen
On behalf of the Governing Board, it is my pleasure as Chairman to welcome you to the SNB's news conference. We will begin by explaining the monetary policy decision and looking at inflation and economic developments. I will then present our decision to publish summaries of the monetary policy discussion. 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 still stands at 0.25 percentage points. We remain willing to be active in the foreign exchange market as necessary.