Latest news with #U.S.TreasuryReport
The Sun
2 days ago
- Business
- The Sun
Swiss National Bank denies currency manipulation after being put on US watch list
ZURICH: The Swiss National Bank said on Friday it would intervene in foreign currency markets where necessary to keep inflation on track after the United States added Switzerland to a list of countries being monitored for unfair currency and trade practices. The SNB denied being a currency manipulator after the publication of the U.S. Treasury Report on Thursday, but said it would continue to act in Switzerland's interests as the strong franc helped push inflation into negative terrain last month. 'The SNB does not engage in any manipulation of the Swiss franc,' it said. 'It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy.' The SNB said it was in contact with U.S. authorities to explain Switzerland's economic situation and monetary policy, and would continue to use interest rates and forex market interventions if necessary to pursue its inflation target of 0-2%. Swiss inflation hit a four-year low in May, with prices falling by 0.1%. The SNB declined to say whether further talks with the United States were planned, but said its monetary policy was 'geared towards the needs of Switzerland.' Switzerland met two of the U.S. Treasury's concerns regarding trade flows and its current account, but not on foreign currency interventions. SNB forex exchange purchases in 2024 were 'minimal,' Treasury said. In 2024, the SNB bought only $1 billion in foreign currencies, equivalent to only 0.1% of Swiss GDP, well below the Treasury's threshold of 2% of economic output. EFG Bank economist GianLuigi Mandruzzato said the SNB would be mindful of the Treasury report, but still pursue its mandate. 'My feeling is that there should be little reason for concern from a Swiss perspective,' he said. 'However, with the Trump administration, anything can happen.'
The Sun
2 days ago
- Business
- The Sun
SNB denies manipulation, vows to defend franc if needed
ZURICH: The Swiss National Bank said on Friday it would intervene in foreign currency markets where necessary to keep inflation on track after the United States added Switzerland to a list of countries being monitored for unfair currency and trade practices. The SNB denied being a currency manipulator after the publication of the U.S. Treasury Report on Thursday, but said it would continue to act in Switzerland's interests as the strong franc helped push inflation into negative terrain last month. 'The SNB does not engage in any manipulation of the Swiss franc,' it said. 'It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy.' The SNB said it was in contact with U.S. authorities to explain Switzerland's economic situation and monetary policy, and would continue to use interest rates and forex market interventions if necessary to pursue its inflation target of 0-2%. Swiss inflation hit a four-year low in May, with prices falling by 0.1%. The SNB declined to say whether further talks with the United States were planned, but said its monetary policy was 'geared towards the needs of Switzerland.' Switzerland met two of the U.S. Treasury's concerns regarding trade flows and its current account, but not on foreign currency interventions. SNB forex exchange purchases in 2024 were 'minimal,' Treasury said. In 2024, the SNB bought only $1 billion in foreign currencies, equivalent to only 0.1% of Swiss GDP, well below the Treasury's threshold of 2% of economic output. EFG Bank economist GianLuigi Mandruzzato said the SNB would be mindful of the Treasury report, but still pursue its mandate. 'My feeling is that there should be little reason for concern from a Swiss perspective,' he said. 'However, with the Trump administration, anything can happen.'
Business Recorder
2 days ago
- Business
- Business Recorder
Swiss National Bank denies currency manipulation after being put on U.S. watch list
ZURICH: The Swiss National Bank said on Friday it would intervene in foreign currency markets where necessary to keep inflation on track after the United States added Switzerland to a list of countries being monitored for unfair currency and trade practices. The SNB denied being a currency manipulator after the publication of the U.S. Treasury Report on Thursday, but said it would continue to act in Switzerland's interests as the strong franc helped push inflation into negative terrain last month. 'The SNB does not engage in any manipulation of the Swiss franc,' it said. 'It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy.' The SNB said it was in contact with U.S. authorities to explain Switzerland's economic situation and monetary policy, and would continue to use interest rates and forex market interventions if necessary to pursue its inflation target of 0-2%. Swiss inflation hit a four-year low in May, with prices falling by 0.1%. The SNB declined to say whether further talks with the United States were planned, but said its monetary policy was 'geared towards the needs of Switzerland.' Switzerland met two of the U.S. Treasury's concerns regarding trade flows and its current account, but not on foreign currency interventions. SNB forex exchange purchases in 2024 were 'minimal,' Treasury said. Swiss National Bank bought forex worth 1.2 billion francs in 2024 In 2024, the SNB bought only $1 billion in foreign currencies, equivalent to only 0.1% of Swiss GDP, well below the Treasury's threshold of 2% of economic output. EFG Bank economist GianLuigi Mandruzzato said the SNB would be mindful of the Treasury report, but still pursue its mandate. 'My feeling is that there should be little reason for concern from a Swiss perspective,' he said. 'However, with the Trump administration, anything can happen.'
New Straits Times
2 days ago
- Business
- New Straits Times
Swiss National Bank denies currency manipulation after being put on US watch list
ZURICH: The Swiss National Bank does not engage in currency manipulation, the central bank said on Friday, after the United States added Switzerland to a list of countries being monitored for unfair currency and trade practices. "The SNB does not engage in any manipulation of the Swiss franc," the SNB said after the publication of the U.S. Treasury Report on Thursday. "It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy," it added. The SNB said it remained in contact with U.S. authorities to explain Switzerland's economic situation and monetary policy, and would continue to use interest rates and forex market interventions to pursue its inflation target. The central bank declined to say whether further talks with the United States were planned, but said it acted in the interests of Switzerland, where it aims to keep annual price increases within a band of 0-2%. "Our monetary policy is geared towards the needs of Switzerland," the SNB said.
The Star
2 days ago
- Business
- The Star
Swiss National Bank denies currency manipulation after being put on US watch list
A national flag flutters from the Swiss National Bank (SNB) building in Bern, Switzerland. REUTERS/Denis Balibouse/File Photo ZURICH: The Swiss National Bank does not engage in currency manipulation, the central bank said on Friday, after the United States added Switzerland to a list of countries being monitored for unfair currency and trade practices. "The SNB does not engage in any manipulation of the Swiss franc," the SNB said after the publication of the U.S. Treasury Report on Thursday. "It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy," it added. The SNB said it remained in contact with U.S. authorities to explain Switzerland's economic situation and monetary policy, and would continue to use interest rates and forex market interventions to pursue its inflation target. The central bank declined to say whether further talks with the United States were planned, but said it acted in the interests of Switzerland, where it aims to keep annual price increases within a band of 0-2%. "Our monetary policy is geared towards the needs of Switzerland," the SNB said. - Reuters
