The Swiss National Bank (SNB) chairman, Martin Schlegel, said the bank will continue to intervene in foreign exchange markets when necessary, while firmly rejecting claims that Switzerland is engaging in currency manipulation.
Schlegel made clear that “Switzerland is not a currency manipulator,” and stressed that interventions in the past were carried out as legitimate monetary policy measures rather than attempts to secure an unfair economic advantage.
He explained that the SNB uses foreign exchange interventions as one of several tools to achieve its mandate, including price stability and financial stability, and that those measures are deployed only when judged necessary by the bank’s policy makers.
Addressing external criticism, Schlegel reiterated that the SNB’s actions are motivated by domestic policy objectives. The bank assesses market conditions and acts to counter exchange rate developments that could impede its ability to deliver on its responsibilities, rather than to influence trade balances or tilt competitive conditions in Switzerland’s favor.
Schlegel also highlighted the importance of transparency and accountability in the SNB’s operations. While central banks typically do not disclose the full details of intervention timing or amounts for operational reasons, the SNB reports on its financial position and policy rationale in line with standard central bank practices.
In reaffirming the SNB’s approach to currency management, Schlegel indicated there would be no change to the bank’s readiness to employ all appropriate instruments at its disposal. That includes continued monitoring of exchange rate developments and the willingness to act where such moves are necessary to fulfill the SNB’s statutory objectives.
Observers note that foreign exchange interventions are a common tool among central banks confronting rapid currency movements that threaten domestic economic goals. In this context, Schlegel’s remarks were aimed at clarifying the SNB’s intentions and reassuring markets that interventions are policy-driven responses to economic conditions rather than deliberate attempts to undermine fair international competition.