Statement of the United States Department of the Treasury, the Swiss Federal Department of Finance and the Swiss National Bank on macroeconomic and foreign exchange matters

As trusted partners, the United States Department of the Treasury on the one side and the Swiss Federal Department of Finance and the Swiss National Bank on the other side shared the understanding to continue their close consultations on macroeconomic and foreign exchange matters in their Standing Macroeconomic and Financial Dialogue. The United States and Switzerland reconfirmed they have undertaken under the IMF Articles of Agreement to avoid manipulating exchange rates or the international monetary system to prevent effective balance of payments adjustment or to gain an unfair competitive advantage.The Swiss National Bank reconfirmed its commitment that its monetary policy will remain oriented towards maintaining appropriate monetary conditions to safeguard price stability and will not target exchange rates for competitive purposes.