Switzerland’s Federal Department of Finance, together with the Swiss National Bank and the US Department of the Treasury, issued a joint statement on macroeconomic and foreign exchange matters reaffirming that Switzerland and the United States do not target exchange rates for competitive purposes and remain committed to International Monetary Fund principles on exchange rate practices. The statement reiterates that neither country uses exchange rates or the international monetary system to prevent effective balance of payments adjustment or to obtain an unfair competitive advantage. It also notes that foreign exchange market interventions are an important monetary policy instrument for the Swiss National Bank in ensuring appropriate monetary conditions and meeting its statutory mandate for price stability, while clarifying that the statement is not legally binding and reflects existing practice. Separately, the Federal Department of Finance and the Swiss National Bank have been in dialogue with the US Department of the Treasury on macroeconomic and financial matters since 2022.
Federal Department of Finance (Switzerland) 2025-09-29
Switzerland's Federal Department of Finance joins Swiss National Bank and US Treasury in statement reaffirming non-competitive exchange rate practices
Switzerland’s Federal Department of Finance, the Swiss National Bank, and the US Department of the Treasury issued a joint statement reaffirming their commitment to not targeting exchange rates for competitive purposes and adhering to International Monetary Fund principles. The statement clarifies that foreign exchange interventions are a key monetary policy tool for the Swiss National Bank to ensure price stability, while noting it is not legally binding. Swiss authorities have been in dialogue with the US Treasury on macroeconomic and financial matters since 2022.