Business lobby wants SNB to act against strong Swiss franc

The Swiss National Bank must do something fast to keep the franc’s strength from hurting exporters, according to the country’s biggest lobby group for manufacturers. + Get the most important news from Switzerland in your inbox The sudden appreciation in the currency is threatening a vulnerable recovery for overseas sales seen in recent months, Swissmem said in a statement on Wednesday. “The Swiss National Bank is called upon to act quickly within the scope of its mandate,” it said. “The SNB has the leeway to prevent or cushion any future shock appreciation using the instruments it considers best.” The group didn’t offer a view on what tools the central bank should deploy. While Swiss officials previously used currency interventions to keep a lid on the franc, they have prioritised interest-rate cuts this year to avoid bloating their balance sheet. + Read more: how stock market plunges impact Switzerland The franc has surged some 4% since mid-July amid a global unwinding of carry ...