Economics
SNB Reacts to Intervention Criticism, Keeps Pledge on Franc
- It will divulge currency activity information quarterly
- Central bank keeps policy rate at a record-low -0.75%
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The Swiss National Bank is trying to head off tougher criticism from the U.S. about its aggressive currency activity as it pledged to keep fighting the strong franc.
In a surprise statement, it said it will publish figures on the volume of interventions quarterly rather than just once a year in a bid to improve transparency. Although the policy is designed to combat deflationary risks, they’ve landed Switzerland on the U.S. Treasury’s watchlist for countries allegedly gaming their exchange rates. Among its recommendations, the U.S. suggested the Swiss publish figures more frequently.