The Swiss National Bank (SNB), the Federal Department of Finance (FDF) and the US Department of the Treasury have issued a joint statement on macroeconomic and foreign exchange matters. In this, Switzerland and the US reconfirm that they do not target exchange rates for competitive purposes.

In the joint statement, Switzerland and the US reconfirm their commitment to the existing principles of the International Monetary Fund (IMF) and the G20 regarding exchange rate practices. In particular, neither country uses exchange rates or the international monetary system to prevent effective balance of payments adjustment or obtain an unfair competitive advantage.

The joint statement also confirms that foreign exchange market interventions are an important monetary policy instrument for the SNB in ensuring appropriate monetary conditions and thus meeting its statutory mandate with respect to price stability. This statement is not legally binding and confirms existing practice.

Independently from this statement, the SNB and the FDF have been engaged in a dialogue with the US Department of the Treasury on macroeconomic and financial matters since 2022.