SWISS NATIONAL BANK PRESIDENT PHILIPP HILDEBRAND

SUGGESTION TO THE SWISS NATIONAL BANK PRESIDENT PHILIPP HILDEBRAND

To: The Right Honorable Swiss National Bank President Philipp Hildebrand

From: Athinarayanan Sanjeevraja

Date: September 20, 2011.

RE: Swiss Franc Valuation

Suggestion: Increase money supply, lend to other European countries.

Good Morning President. When I wrote to you regarding rise in Swiss Franc in the month of July 25, 2011 large margin of currency appreciation in a short period of time is not good for sustainable economy. SNB have taken the appropriate measures on its Swiss Franc to counter valuation of being appreciated because the current valuation of the Swiss Franc poses an acute threat to the tourist and manufacturing industry and carries the risk of deflationary development. Massive international capital inflows will raise the value of the currency, reducing the competitiveness of the nation’s export and on the other hand drive down the interest rates and reducing fixed income. You have taken the appropriate measures to put a cap on the exchange rate. It is absolutely necessary when the exchange rate is far higher than the healthy economy put a cap on the exchange rate unlike downward pressure, you are not likely to run out of currency to sell to support the exchange rate. Of course, you will get a large quantity of foreign exchange in return. I would like to recommend accumulate foreign exchange fund but not US bonds.

If Swiss Franc is too high, we can’t sell our products. It will dramatically affect the Swiss industry unlike commodities is that it takes a huge amount of knowledge and capital investment to produce goods in the field of chemicals, pharmaceuticals, engineering, electronics and transportation sectors. These industries all make up a far more important part of the Swiss economy. Once Swiss industries lost, it is not easy to regain. However the core issue is SNB currency interventions have only resulted in temporary success. It may fail due to global demand. I would recommend the SNB should intervene more directly to create sustainable economy.

Thank you very much for kind attention to these issues.

Sincerely,

Athinarayanan Sanjeevraja.

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