Swiss central bank responds to U.S. Treasury report on currency manipulators
2022.11.10 13:49
© Reuters. FILE PHOTO: The building of the Swiss National Bank (SNB) is pictured in Bern, Switzerland June 16, 2022. REUTERS/Arnd Wiegmann/File Photo
ZURICH (Reuters) – The Swiss National Bank (SNB) said on Thursday it has taken note of the U.S. Treasury’s latest foreign exchange policies report, adding that it remained in contact with its American counterparts to explain Switzerland’s position.
The U.S. report, published earlier on Thursday, noted that Switzerland once again exceeded U.S. thresholds for possible currency manipulation under a 2015 U.S. trade law, but refrained from branding Switzerland – or any other country – a currency manipulator.
“Together with the Swiss authorities, the SNB remains in contact with the U.S. authorities to explain Switzerland’s economic situation and monetary policy. We welcome these ongoing discussions,” the SNB said in a statement.
“Switzerland and the U.S. are important economic partners. They enjoy excellent bilateral relations and are in regular contact regarding financial and economic matters,” the central bank added.
The U.S. Treasury in its report said it would continue enhanced analysis of Switzerland’s macroeconomic and exchange rate policies, while setting forth an enhanced bilateral engagement that began in early 2021 to discuss Swiss policy options for tackling external imbalances.
