January 14, 2020 / 2:32 PM / 14 days ago

Swiss National Bank says interventions not aimed at trading advantage

ZURICH, Jan 14 (Reuters) - The Swiss National Bank’s currency interventions are not intended to give Switzerland a trading advantage by weakening the Swiss franc, the central bank said on Tuesday, after the country appeared on a U.S. watch list of currency manipulators.

“The SNB’s interventions in the currency market are motivated purely by monetary policy considerations,” the SNB said in a statement, citing the negative effects on inflation and the economy from a too highly valued franc.

“They are not aimed at bringing an advantage for Switzerland by making the franc undervalued,” the SNB added.

The Swiss franc leapt to its strongest level since April 2017 after Switzerland was added on the semi-annual list which the U.S. says is intended to dismantle unfair barriers to trade. (Reporting by John Revill; Editing by Michael Shields)

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