The SNB rejects accusations of manipulation by the US Treasury
Keystone-SDA
The Swiss National Bank (SNB) denies suggestions by the United States that it unfairly manipulates the value of the Swiss franc.
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The US Treasury Department has added Switzerland and Ireland to a list of trading partners likely to manipulate their currencies or put in place non-tariff trade barriers.
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In a position paper obtained by AWP, the guarantor of price stability maintains that the key rate is its principal means of action and that its interventions on the currency markets are calibrated to guarantee adequate monetary conditions in the country.
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These interventions are aimed at fulfilling the mandate of price stability and not at establishing predefined exchange rates, the SNB continued.
The SNB continues to maintain contact with the US authorities within the framework of a “macroeconomic dialogue”, which provides an opportunity to explain Swiss monetary policy.
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US puts Switzerland on watch list of trading partners
Translated from French by DeepL/mga
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