Swiss franc exchange rate 05.01.2024 – 07:00
Swiss Franc (CHF) – Swiss currency value and exchange rate
The Swiss franc is the official currency of Switzerland and Liechtenstein. It is denoted by the symbol CHF. One franc is divided into 100 centimes or rappen, depending on the language region of the country.
The franc entered circulation in 1850 and replaced the local currency used within the Swiss Confederation. At the time of introduction, the CHF was equal to 1 French franc.
The Swiss franc is one of the most important global currencies along with the dollar, the euro and the Japanese yen. Investors have traditionally considered it a “safe haven” and one of the most stable currencies in the world.
The Swiss National Bank (SNB – Swiss National Bank) implements the monetary policy towards the franc.
In Poland, the Swiss franc is known primarily because of loans denominated in this currency. These loans have been very popular for several years due to lower installments than PLN loans. However, in 2015, several years after the boom, so-called loans in Swiss francs became a problem for many borrowers with increased installments along with the franc exchange rate, which strengthened rapidly after the start of the 2008 crisis. Investors then turned to the Swiss currency as a “safe haven”. .
Currently, history is writing a new chapter in the history of franc borrowers. This time the motto is SARON. According to an implementing regulation of the European Commission, from January 1, 2022, the compound SARON rate will replace the CHF LIBOR rate in all EU contracts and financial instruments. These rates are used to calculate the interest rate on the loan.
In 2021, Polish Swiss franc borrowers started suing banks en masse – and many of these cases they win or end in favorable settlements.
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