Franc exchange rate - CHF/PLN

If you happened to tell a person in the 18th century "you can bank on it," they certainly would not know what you meant. Indeed, the development of banking in Switzerland dates back to the 19th century - at which time the Swiss franc also begins its history.

Until the mid-19th century in Switzerland, each canton, each municipality and even the monasteries used different currencies, making the financial system complex and non-uniform. It was not until 1848 that Switzerland adopted a new Federal Constitution, under which only the Federal Government had the right to mint coins - francs. This was the first step towards an integrated financial system.

In 1865, Switzerland, France, Belgium and Italy formed the Latin Monetary Union, a treaty under which the currencies of the individual countries had a stable 1:1 exchange rate and could be used freely throughout the Union. Such arrangements remained in place until 1926, and it was only after the dissolution of the Union that the Swiss franc became the only legal tender in Switzerland.

The Swiss franc was convertible into gold for many years - this dependence was only finally abolished by the Swiss National Bank in 2000 following a referendum.

For years, the Swiss franc has been recognised as one of the safest currencies in the world. This is due, among other things, to the country's long-term stability. Switzerland, by remaining neutral and not involved in conflicts, appears to investors as a safe haven to invest capital.

During the Second World War, most countries stopped exchanging currency to protect themselves from losing their reserves. However, the franc, by decision of the Swiss National Bank, remained fully convertible, strengthening its position as an unshakable currency.

After the war, due to the Bretton Woods system in operation, the Swiss franc maintained a fixed exchange rate and it was only after its break-up in 1973 that the CHF exchange rate strengthened. The independence of the Swiss National Bank (SNB) at the time of the global crisis was quite a challenge to maintain currency stability. However, the SNB pursued a sensible and consistent monetary policy, which ensured that the Swiss franc did not lose purchasing power.

Its position was significantly strengthened in 2008, when the eurozone was going through a crisis. At the time, the CHF exchange rate was appreciating against other currencies.