Switzerland remains on the US monitoring list for currency manipulation
Keystone-SDA
Switzerland remains on the US monitoring list for currency manipulation, along with nine other countries. However, Switzerland could be removed from the list in the next edition of the report.
In the report, published every six months, the US Treasury examines the practices of major trading partners, which together account for around 80% of US foreign trade. US Treasury Secretary Scott Bessent aims to use this to combat unfair currency practices that would harm American companies, as he explained in a statement on Thursday evening.
The latest report found that none of the major trading partners met all three criteria for an in-depth review in 2025, it was stated. However, 10 countries are on the monitoring list whose currency practices and economic policies warrant closer scrutiny. Alongside Switzerland, these include China, Germany, Ireland, Japan, Singapore, South Korea, Taiwan, Thailand and Vietnam.
A country is placed on the list if it meets two out of three criteria. And once a country is on the list, it remains there for at least two half-yearly reports. In this way, the US government aims to ensure that the measures taken are sustainable.
Opportunity in the next report
The US Treasury Department had placed Switzerland on the watch list in June 2025. Switzerland could now be removed from the list in the next report. In the latest report, Switzerland, along with Thailand and Singapore, met only one of the three criteria. “They will be removed from the monitoring list if they meet fewer than two criteria in the next report,” wrote the US Treasury Department.
The Swiss National Bank (SNB) has consistently rejected the accusation of currency manipulation. Last September, the finance ministry, the Swiss National Bank and the US Treasury signed a joint statement on macroeconomic and exchange rate issues.
In it, Switzerland and the US reaffirm that they will not use exchange rates to prevent balance of payments adjustments or to gain unfair competitive advantages. The statement also confirmed that foreign exchange market intervention is an important monetary policy instrument for the SNB, enabling it to ensure appropriate monetary conditions and fulfil its statutory mandate of price stability.
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Translated from German, reviewed by an English Department journalist.
