SNB Denies FX Manipulation After US Treasury Puts Swiss on List

(Bloomberg) — The Swiss National Bank denied being a currency manipulator after the US Treasury added Switzerland to a list of economies it is closely monitoring over foreign-exchange practices.

“The SNB does not engage in any manipulation of the Swiss franc,” it said in an emailed statement. “It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy.”

The SNB also said:

• “The SNB has taken note of the US Treasury Department’s most recent report on the foreign exchange policies of major trading partners of the United States (and its assessment of Switzerland).”
• “Together with the Swiss authorities, the SNB remains in contact with the US authorities to explain Switzerland’s economic situation and monetary policy. We welcome these ongoing discussions as part of the ‘macroeconomic dialogue.’”
• “The main instrument for implementing the SNB’s monetary policy is the policy rate. In addition, the use of foreign exchange market interventions may be necessary under certain circumstances to ensure appropriate monetary conditions in Switzerland. In so doing, the SNB does not pursue an exchange rate target, but rather focuses on its statutory mandate to ensure price stability.”
• “Our monetary policy is geared toward the needs of Switzerland.”

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