SUGGESTION TO SWISS NATIONAL BANK PRESIDENT PHILIPP HILDEBRAND

SUGGESTION TO SWISS NATIONAL BANK PRESIDENT PHILIPP HILDEBRAND

To: The Honorable Swiss National Bank President Philipp Hildebrand

From: Athinarayanan Sanjeevraja

RE: Rise in Swiss Franc

Suggestions & Solutions:

Good Morning President. I am writing to express the concern of rise in swiss franc. We know that currency appreciation boosts a strong economy, low inflation and low unemployment. In addition, it lowers the cost of commodity imports. In general currency appreciation softens the demand for exports but in Switzerland exports rise. I think that most of the swiss goods are “Veblen Goods”. If we bought swiss goods of their class and quality so as its price goes up so the demand for the good also rises. For instance “Rolex Watches”. As a result high swiss franc is increasing its exports.

Switzerland is not plagued by a high national debt and perennial budget deficits. Its monetary policy has been extremely conservative: no quantative easing, asset purchases or any other money printing programs. Ironically the only thing that makes investors nervous about the franc is that swiss franc appreciation.

Swiss National Bank booked a loss of CHF billion from failed intervention in 2010. Mr. Kendrick Reckons said that SNB may have lost CHF 38 billion. SNB should not in a position to make same mistake again. In my opinion swiss bought large amount of foreign currency to artificially stem the swiss franc’s rise and that those assets then preceded unexpectedly to deflate relative to the swiss franc. Switzerland should protect the swiss franc appreciation. I would recommend apply a commission of 2% to any transactions of buyers from abroad (i.e non-residents) for amounts over CHF 1,000,000. This would immediately stop the strengthening of the swiss franc until the European storm has passed.

In my opinion, large margin of currency appreciation in a short period of time is not good for sustainable economy.

Thank you very much for your kind attention President.

Sincerely,

Athinarayanan Sanjeevraja

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