Economics

SNB Defies U.S. Criticism to Renew Currency Intervention Vow

Deposit and policy rate kept at -0.75%, in line with forecast
Switzerland is on U.S. watchlist for currency manipulation

WATCH: SNB President Jordan refutes the Treasury Department's currency manipulation designation.(Source: Bloomberg)

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By Catherine Bosley

December 17, 2020 at 8:34 AM UTC

Updated on

December 17, 2020 at 1:16 PM UTC

This article is for subscribers only.

The Swiss National Bank renewed its pledge to use currency interventions to counter upward pressure on the franc just a day after being censured by the U.S. for the practice.

SNB officials led by President Thomas Jordan called the franc “highly valued,” sticking with a key phrase they use to signal they remain on alert. They also kept their policy rate and deposit rate at -0.75%, a move expected by economists, citing a bleak outlook for inflation.