Switzerland and the United States issue a joint statement on foreign exchange matters
Bern, 29.09.2025 — The Federal Department of Finance (FDF), the Swiss National Bank (SNB) and the US Department of the Treasury have issued a joint statement on macroeconomic and foreign exchange matters, in which Switzerland and the USA reconfirm that they do not target exchange rates for competitive purposes.
In the joint statement of 29 September 2025, Switzerland and the USA reconfirm their commitment to existing principles of the International Monetary Fund (IMF) with regard to exchange rate practices. In particular, neither country uses exchange rates or the international monetary system to prevent effective balance of payments adjustment or to 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 meeting its statutory mandate with respect to price stability. This statement is not legally binding and confirms existing practice.
Independently from this statement, the FDF and the SNB have been engaged in a dialogue with the US Department of the Treasury on macroeconomic and financial matters since 2022.