Swiss central bank refutes US currency manipulation fears

SNB reaffirms: Do not engage in currency manipulation Keystone-SDA

Switzerland remains on the United States watch list of possible currency manipulators, according to the Treasury Department's latest report.

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The Swiss National Bank (SNB) has again refuted US suspicions.

“The SNB is not manipulating the Swiss franc,” Switzerland’s central bank said in a statement to the news agency AWP on Friday. It is neither attempting to prevent adjustments in the balance of payments nor to gain unjustified competitive advantages for the Swiss economy.

The central bank, together with the Swiss authorities, also remains in contact with the US authorities to explain the economic situation and Switzerland’s monetary policy. The ongoing discussions as part of the “macroeconomic dialogue” are welcomed, the SNB added.

At the same time, the central bank referred to the joint statement issued by the SNB, the Federal Department of Finance and the US Treasury Department last autumn.

In this statement, all three institutions agreed that Switzerland does not use its monetary policy for competitive purposes. Foreign exchange interventions serve solely to maintain price stability.

Translated from German by AI/mga

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