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. +Get the most important news from Switzerland in your inbox 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.” 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 ...