Swiss Franc (CHF) and the Euro (EUR)
Besides United Kingdom, Switzerland is another country that has yet to jump onto the Euro bandwagon. Swiss Franc (CHF) is the currency used Switzerland and there has been no signals from the Swiss government that they will adopt the Euro anytime soon.
Due to the unique status of Switzerland as a banking haven as well as a self-designated “neutral” country during war times, Swiss Banks are the magnet for storage of investments from wealthy individuals (and sometimes crimimals) all over the world. These people park their investments as gold (stored in gold vaults), in foreign currencies (in Swiss Banks) or simply leave it to investment firms to manage their finances in whatever manner is deemed fit.
Swiss Franc, as a result of Switzerland’s financial stability and reputation, remains one of the most traded currency in the world, ranked 5th, just behind the US Dollar (USD), Euro (EUR), Japanese Yen (JPY) and the Sterling Pound (GBP).
Currently, 1 Swiss franc trades at 0.658 Euros, which has stabilised since the spike in Mar 2009 (between 0.65 and 0.68 within 1 week!) (more…)
