Swiss National Bank Denies Currency Manipulation after Being Put on US Watch List

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 US 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, according to Reuters.

The SNB said it remained in contact with US 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.

aawsat.com