SNB Says Will Continue Currency Intervention After U.S. Decision

Switzerland’s central bank said it will continue with its policy of foreign-exchange interventions while seeking dialog with the U.S. after the Biden administration dropped the country from its list of currency manipulators.

The Treasury Department on Friday said that although the Swiss fulfilled the criteria for the manipulator label, there was “insufficient evidence” of the country trying to gain an unfair advantage. The Swiss National Bank said it took note of that finding.

“The SNB’s approach to monetary policy is geared to maintaining price stability and remains unchanged,” it said in a statement. “In light of the economic situation and the still highly valued franc, the SNB remains prepared to continue foreign exchange interventions if needed.”

In addition to negative interest rates, the SNB has for years used foreign exchange interventions to fight weak inflation.

The Swiss got labeled a currency manipulator by the Trump administration late last year.

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