Header Ads

The United States took up arms against one of the richest countries in Europe

The United States has taken up arms against Switzerland, which is one of the richest countries in Europe, and is ready to recognize it as a currency manipulator. Bloomberg writes about this with reference to the largest Swiss financial holding UBS Group.

Switzerland meets all three criteria that are required to be included in the US list of currency manipulators, the agency writes. The government has a current account surplus and a bilateral trade surplus. In addition, Switzerland uses foreign exchange interventions by buying up dollars to prevent the Swiss franc from strengthening too much.

The state has to resort to foreign exchange interventions as demand for the Swiss currency grows during crises. Investors traditionally view the franc as a haven for investment in times of uncertainty in the global economy. Washington believes that the Swiss authorities, artificially weakening their own currency by buying up the dollar, are trying to provide export advantages to local producers. The Swiss side denies such accusations.

At the beginning of 2020, the United States has already included Switzerland in the watch list of countries, according to Washington, manipulating currency rates. Then the decision was made against the background of a record for three years strengthening of the Swiss franc against the euro, wrote Reuters .

No comments

Powered by Blogger.