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. We are also willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions. Inflation has risen further since June, primarily due to higher energy prices. Medium-term inflationary pressure has increased only slightly. Our monetary policy is appropriate to keep inflation within the range consistent with price stability and supports economic development.
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