Swiss Franc
CHFOften cited as relatively sound
Swiss Franc M2 money supply
Broad money in CHF (cash + deposits + close substitutes), annual back to ~1960 via World Bank FM.LBL.BMNY.CN. Log scale auto-engages for hyperinflation outliers.
Swiss Franc inflation history
Annual CPI YoY since 2001 — World Bank consumer price index for Switzerland. Inflation volatility is one of three inputs into the Money2069 sound-money score.
Purchasing power calculator
How much would your Swiss Franc be worth today if you'd held it since…?
Calculation: cumulative product of (1 + CPI YoY) from the chosen year through 2024. Source: World Bank consumer price index (annual). Daily-refreshed.
Data sources & methodology
- FX (USD):
- Frankfurter / ECB · daily
- CPI YoY:
- World Bank FP.CPI.TOTL.ZG · annual
- M2 broad money:
- World Bank FM.LBL.BMNY.CN · annual (LCU)
- Market cap (USD):
- M2 / FX rate · daily
- 10-year M2 change:
- (M2 today / M2 10y ago) − 1
- M69 score:
- Weighted: CPI (50%), 10y M2 growth (40%), 1y FX stability (10%)
- Last fetched:
- 2026-04-25 15:49:43
- Country code (ISO 3166-1):
- CHE
Note: Often cited as relatively sound
Raw data: /api/v1/currencies/current/CHF
The Swiss Franc from a sound-money lens
Often cited as relatively sound — but the SNB owns more US equities than most pension funds.
The Swiss franc enjoys the closest thing fiat currencies have to a sound-money reputation. Switzerland's constitutional debt brake, the Swiss National Bank's mandate to ensure price stability, and the country's neutrality have combined to deliver some of the lowest inflation in the developed world — averaging well under 2% YoY for the past three decades.
That reputation is partly earned and partly an accident of geography. The franc is a recurring safe-haven destination during European crises, which forces the SNB into one of the strangest balance sheets on Earth: ~CHF 800 billion in foreign currency reserves, roughly 100% of Swiss GDP, with about a quarter of that held as US equities. The SNB is, mechanically, one of the largest US equity investors in the world.
The 2015 abandonment of the EUR/CHF 1.20 floor was a pivotal moment: rather than print unlimited francs to defend the peg, the SNB chose to take a one-day 20% currency revaluation. The episode wiped out several FX brokerages and revealed the limit of even Switzerland's commitment to monetary expansion.
CPI inflation peaked at 3.5% in 2022 — its highest in three decades, but a fraction of the eurozone print. The franc's purchasing power against goods has held remarkably well: CHF 100 in 1999 still buys roughly CHF 85 of comparable goods today. By the standards of this page, that's the sound-money podium. By the standards of gold or hard assets — still a managed decline.