Swiss Watchmakers Demand SNB Act on Franc as Exports Drop
- Swiss watch industry says strong franc has severe consequences
- Watchmakers want central bank to curb franc rise, volatility
The Swiss watch industry includes some 700 companies employing about 65,000 people.
Photographer: Michele Limina/BloombergThis article is for subscribers only.
Swiss watchmakers urged the central bank and the government to support exporters by curbing the strength of the country’s currency as overseas sales slump.
“With inflation currently well below 2%, the Swiss National Bank has room to maneuver and act on the foreign exchange market,” the Federation of the Swiss Watch Industry and the Employers Federation of the Swiss Watch Industry said Tuesday. “An ad hoc and more reactive approach would also make it possible to reduce the volatility of the franc.”