Monetary policy SNB reaffirms: Does not engage in currency manipulation
In its latest report, the US Treasury Department has left Switzerland on its so-called watch list as a possible currency manipulator. The Swiss National Bank (SNB) takes note of this assessment.
30.01.2026, 11:41
SDA
"The SNB is not manipulating the Swiss franc," the SNB explained 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 within the framework of the "macroeconomic dialog" are welcomed.
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 fall. In this statement, the three had emphasized that Switzerland does not use its monetary policy for competitive purposes. Foreign exchange interventions serve solely to maintain price stability.
