Swiss National Bank Chairman: Ready to tackle rapid and excessive appreciation of Swiss Franc.

Swiss National Bank President: The conflict in the Middle East has led to an increase in energy prices, which means that inflation may rise more significantly in the coming quarters. The Swiss franc is seen as a safe haven in times of uncertainty. The appreciation of the Swiss franc poses a threat to price stability, and intervention willingness is increasing. We are prepared to deal with the rapid and excessive appreciation of the Swiss franc. Since mid-December, the trade-weighted exchange rate of the Swiss franc has appreciated by 2.5%. Mid-term inflation pressures have remained almost unchanged.