The Swiss franc has been the national currency since 1850. Issued by the Swiss National Bank (SNB), it circulates as banknotes (10, 20, 50, 100, 200, 1,000) and coins (5, 10, 20, 50 centimes; 1, 2, 5 francs). Liechtenstein uses CHF under treaty.
CHF is structurally strong: investors buy it during crises, pushing its value up against EUR and USD. From 2011 to 2015 the SNB capped the rate at EUR/CHF 1.20; since the cap was removed it has traded between 0.95 and 1.10 to the euro, with parity reached in 2022.
A strong franc cuts the price of imports and foreign holidays for Swiss residents but hurts Swiss exporters and tourism. The SNB intervenes regularly with foreign-currency purchases to lean against excessive appreciation while keeping inflation in its 0–2% target range.
An EU buyer paying for a Swiss watch priced at CHF 5,000 needs about EUR 5,200 when EUR/CHF is at 0.96, but only EUR 4,700 when the rate is at 1.07 — a 10% swing entirely driven by the exchange rate, not the price tag.