The Swiss franc has risen significantly against the dollar in 2026, raising concerns for the Swiss economy.

In the first weeks of 2026, the Swiss franc reached record levels against the dollar, with an appreciation of 3.5% after a rise of 12.7% in 2025. This increase is fueled by global uncertainty and the unpredictable trade policy of the USA. The President of the Swiss National Bank, Martin Schlegel, emphasized that the geopolitical escalation affects the franc and the monetary policy of the country.

Although a strong franc reduces imported inflation, it compresses exporters' margins and affects wages and investments. Switzerland is facing an inflation rate of only 0.1% and a key interest rate of 0%, bringing it closer to a deflation scenario. The SNB's currency interventions are risky, but the central bank is prepared to intervene if necessary, despite diplomatic challenges.