Swatch Group CEO Nick Hayek has voiced concern over the Swiss franc\u2019s rapid rise, saying the currency\u2019s strength is putting Swiss manufacturers at risk. <\/p>\n
The franc recently hit 11-year highs against the euro and continued to appreciate versus the dollar, making Swiss products more expensive abroad and squeezing profit margins for domestic companies, News.Az<\/a> reports, citing Reuters<\/a>.<\/p>\n Hayek, whose company owns watch brands including Longines, Omega, and Tissot<\/a>, criticized the Swiss National Bank (SNB) for not acting to curb the currency\u2019s rise. He said the bank fears being labeled a currency manipulator by Washington.<\/p>\n \u201cWe have nothing against a strong Swiss franc,\u201d Hayek told SRF. \u201cBut its current strength is so excessive that it\u2019s becoming impossible to continue manufacturing industrial products in this country.\u201d<\/p>\n He warned that smaller manufacturers might be forced to relocate production abroad or even close, threatening jobs, apprenticeships, and Swiss manufacturing know-how.<\/p>\n Hayek also mentioned that Swatch is seeking reimbursement for U.S. customs duties imposed under tariffs by President Donald Trump, potentially totaling tens of millions of dollars. He said, \u201cOur branches in America are already working on it with our lawyers, and the chances are good that we\u2019ll get it back.\u201d<\/p>\n The SNB is set to announce its latest monetary policy decision later today but declined to comment on Hayek\u2019s remarks. Earlier, the central bank indicated it was willing to intervene in foreign currency markets to curb excessive franc appreciation.<\/p>\n