The Swiss National Bank (SNB), the Swiss Federal Department of Finance and the US Department of the Treasury issued a joint statement on macroeconomic and foreign exchange matters, reaffirming that Switzerland and the US do not target exchange rates for competitive purposes and remain committed to International Monetary Fund and G20 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 confirms that foreign exchange market interventions are an important monetary policy instrument for the SNB to ensure appropriate monetary conditions and meet its statutory mandate for price stability, while noting the statement is not legally binding and reflects existing practice. Separately from the statement, the SNB and the Swiss Federal Department of Finance have been in dialogue with the US Department of the Treasury on macroeconomic and financial matters since 2022.
Swiss National Bank 2025-09-29
Swiss National Bank joins Swiss and US authorities in joint statement reaffirming non-competitive foreign exchange practices
The Swiss National Bank, Swiss Federal Department of Finance, and US Department of the Treasury issued a joint statement reaffirming their commitment to not targeting exchange rates for competitive purposes, aligning with IMF and G20 principles. The statement emphasizes foreign exchange interventions as a key SNB monetary policy tool for price stability. Additionally, the SNB and Swiss Federal Department of Finance have been in dialogue with the US Department of the Treasury on macroeconomic and financial matters since 2022.