ANNOUNCEMENT 06 Sep 2011

In September 2011, the Swiss government announced the devaluation of its national currency.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 06 Sep 2011 | Removal date: open ended
Still in force

Competitive devaluation

On 6 September 2011, the Swiss National Bank (SNB) announced a lower bound of 1.20 Swiss Franc (CHF) with respect to the Euro (EUR) and took steps to devalue the Swiss Franc to that level against the Euro.
The SNB argued that the extant exchange rate was 'massively over valued' and therefore 'threatens the Swiss economy'. (SNB press release 6 September 2011). On 21 November 2012, the president of the SNB Thomas Jordan confirmed during the Swiss Banking Global Symposium: "This instrument has made a decisive contribution to stabilising the Swiss economy. The export industry is gaining ground again, and the deflationary expectations that were threatening to take hold were checked."
The GTA database only includes exchange rate measures where officials of the government in question openly state that one purpose of the intervention is to confer competitive advantage in domestic or international markets for firms located in their jurisdiction.
 
The affected sectors are based on the Top 10 Export Sectors from the "Eidgenössische Mehrwertsteuerstatistik" 
 

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A