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Actual average currency rate and interesting facts about CHF Currency
The Swiss Franc is the currency of Switzerland and Liechtenstein. According to the international standard, marked with the CHF symbol. The name of the Swiss currency refers to the neighboring country, France. Nowadays, there is only one currency left in Europe, called the Franc. There are also Francs outside Europe. We can deal with the Burundian Franc, the Djiboutian Franc, the Guinean Franc, the Comoros Franc, the Congolese Franc (from the Democratic Republic of the Congo) and the Rwandan Franc.
Swiss currency banknotes are considered to be one of the most modern and beautiful. Definitely, these banknotes amaze with their appearance. The aspect that adds modernity is the fact that it is printed vertically, which is a very rare way of printing banknotes. Originality is also added by the size, and more specifically the size difference between individual banknotes. The higher the denomination, the larger the size.
The Swiss currency is one of the 5 most important currencies in the Forex market along with the US Dollar, British Pound, Euro and Japanese Yen. Great importance stems from the fact that Switzerland is considered one of the safest countries in the world. Over the last 15 years, the exchange rate of the Swiss Franc against the Polish Zloty (PLN) fluctuated strongly. In 2008, it was PLN 1.96, and at the beginning of 2015 it was close to PLN 5. Such a jump in the exchange rate in 2015 is related to the so-called Black Thursday, i.e. the day (January 15, 2015), when the Swiss Franc strengthened strongly against other currencies. The reason for this was the decision of the Swiss National Bank, which announced the abandonment of the policy of defending the minimum exchange rate of the Euro to Swiss Francs.
The Swiss Franc has been considered a strong and stable currency against the world’s major currencies for years. On the currency market, CHF is perceived as one of the safe havens, i.e. instruments into which capital turns during turbulences and crises (next to gold or government bonds). Currently, the Swiss currency is so strong that the Swiss government is trying to weaken it by applying negative interest rates. They mean that depositors pay extra for keeping their money in Swiss banks.
In the context of the Swiss Franc, one can also talk about a decrease in its importance in currency turnover, which should be associated with at least two factors: the size of the Swiss economy and the broadly understood history of the geopolitical system. Despite the enormous wealth and high technological development of Switzerland, its total GDP is approximately USD 665 billion, which is less than 0.9% of the world’s GDP. Unfortunately, this is currently not enough for the Franc to enjoy the status of a global currency, even taking into account its strength and the developed banking system in Switzerland.