Switzerland and US pledge to avoid currency manipulation
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Switzerland and US pledge to avoid currency manipulation
The Swiss National Bank (SNB), the Federal Department of Finance (FDF) and the US Department of Treasury adopted a joint statement on macroeconomic and currency issues.
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In the text, Switzerland and the United States reaffirm that they do not influence exchange rates for competitive purposes.
Bern and Washington reaffirm their adherence to the principles of the International Monetary Fund (IMF) and the G20 group of states regarding currency practices, reads a statement released on Monday afternoon by the SNB.
“In particular, neither country uses exchange rates or the international monetary system for the purpose of preventing effective balance of payments adjustment or securing unfair competitive advantages.”
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Swiss central bank rejects US currency manipulation claims
The joint statement also confirms that interventions in the foreign exchange market are an important monetary policy instrument for the SNB to ensure appropriate monetary conditions and thus be able to fulfil its legal mandate of price stability. The statement is not legally binding and confirms existing practice, the institution headed by Martin Schlegel points out.
Independently of this declaration, the SNB and the FDF have, since 2022, been conducting a dialogue with the Treasury Department on macroeconomic and financial policy issues, the SNB further recalls.
The SNB has intervened in the foreign exchange market in the past to prevent what it sees as an excessive strengthening of the Swiss franc. This exposed it to criticism from the US government, which called it a “currency manipulator”. The issue has gained greater interest in the wake of the 39% tariff imposed against Switzerland in August by US President Donald Trump.
Adapted from Italian by DeepL/jdp
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