Swiss National Bank Refutes Currency Manipulation Allegations

The Swiss National Bank denied allegations of currency manipulation following its inclusion on the U.S. list of countries under scrutiny. The bank emphasized its monetary policy aims to meet Switzerland's economic needs and maintain inflation within a 0-2% target, while remaining in dialogue with U.S. authorities.

In a firm response to recent U.S. Treasury findings, the Swiss National Bank (SNB) on Friday refuted claims of engaging in currency manipulation. The central bank was added to a U.S. list monitoring countries for potential unfair currency and trade practices the day prior.

The SNB insisted that it has not manipulated the Swiss franc or sought unfair competitive advantages. It clarified that its monetary strategies are designed to accommodate the Swiss economy's needs without disrupting trade balances. SNB officials noted ongoing communication with U.S. authorities to explain Switzerland's economic and monetary policy landscape.

Mainly focusing on meeting its inflation target, the SNB stated it uses interest rates and foreign exchange interventions as necessary. Although it declined to confirm any upcoming meetings with U.S. officials, the SNB expressed commitment to pursuing policies beneficial to Switzerland, striving to keep inflation between 0-2% annually.

(With inputs from agencies.)