CHF Exchange Rate
Ah, Switzerland: gold bullion, cuckoo clocks and hot cheese. What’s not to like?
What influences the GBP/CHF exchange rate?
The GBP/CHF exchange rate may be influenced by the CHF’s status as a safe haven currency. However, the USD and JPY have been preferred as safe havens in recent years probably due to Swiss National Bank intervention in pricing against the euro. Nonetheless, the Swiss franc is still seen as a safe choice for traders when economic conditions around the world are turbulent and that privileged status may influence GBP/CHF rates especially now because the future of the euro and the pound are in flux. Learn more about what influences the GBP exchange rate.
The interest rate differential between the CHF and GBP may also affect the exchange rate, and the Swiss National Bank continually re-evaluates whether or not the CHF should be pegged to the euro to maintain reasonable trade balances within Europe. That’s why it’s important to keep an eye on any upcoming announcements regarding monetary policy from both countries when evaluating the GBP/USD exchange rate
The value of the CHF is also influenced by the price of gold, including when it is traded against the GBP. For example, if the price of gold rises, the GBP/CHF exchange rate will probably also rise.2
“Bilateral trade between the U.K. and Switzerland is worth over £31.9 billion a year.” – U.K. Dept. for International Trade3
- Top exports from the U.K. to Switzerland in 2015 included electronic equipment, chemicals and plastics, technical and medical equipment, and metals.3
- In 2015, the U.K. was ranked 5th in GDP, while Switzerland ranked 19th.4 In 2014, the U.K. was the 9th largest exporter and the 5th largest importer in the world, while Switzerland was the 17th biggest exporter and 18th biggest importer.5,6
- In 2016, World Economic Forum (WEF) ranked the Swiss economy the most competitive in the world for the 8th consecutive year.7
Whether you’re planning on getting married in Switzerland or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Switzerland, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: Swiss Franc
Currency Code: CHF
Currency Symbol: Fr
Central Bank: Swiss National Bank
Countries Used In: Switzerland, Campione d'Italia, Liechtenstein
Major Unit: One Franc
Minor Unit: One Rappen
Note Denominations: 10, 20, 50, 100, 200, 1,000 francs
Coin Denominations: 5, 10, 20 rappen. ½, 1, 2, 5 francs.
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