Swiss franc - stability brings problems

State currency of Switzerland - francSwiss. The international currency market is designated CHF. One franc is equal to one hundred centimes. In circulation are paper notes from 10 to 1000 francs, coins from 1 to 5 francs and coins from 5 to 50 centimes.

A bit of history

The Swiss franc is considered to be one of thethe most stable world currencies. Its history began in 1850, after Switzerland gained independence. The years of French rule were not in vain, and the Swiss franc was equated at nominal cost to his French colleague.

The established traditions, long-term relationships, reasonableliberal financial legislation, the neutrality of the country, high secrecy of deposits made Swiss banks extremely attractive for investments. In addition, the exchange rate of this currency was maintained from 1865 to 2000 in a stable ratio of 4.5 grams of silver for 0.29 grams of gold, that is, the high stability of the franc was observed

Currency in Switzerland has experienced a devaluation onlyonce in its history - in 1936, during the Great Depression. But the following world crises of 1973 and 1998 the Frank suffered without losses. Currently, the Swiss currency is used by banks as a reserve, with zero inflation. The countries of the East prefer to use the Swiss franc instead of the euro, since the degree of confidence in this currency is much higher.

Switzerland sticks to the traditionsneutrality, therefore it is not part of the European Community or the G-8 countries. Such foreign policy allows the country to stay away from high-profile economic and political crises.

Current situation

Over the past few years, the Swiss francStrengthened against the euro by almost 20%. The state authorities even had to artificially restrain the growth of the franc. Such a rise in the price of the local currency had a negative impact on the country's tourism business. More and more often Europeans prefer the Austrian or French Alps, because the prices there are more democratic, and the rest turns out to be budgetary. After the crisis of 2008, this became a very significant factor.

Therefore, the owners of the Swiss mountain resortsnow actively reduce prices: ski lift passes can be bought at a discount of 30%, mass discounts are offered for accommodation in hotels and chalets, discounts for riding with an instructor, prices in restaurants have decreased by 15-20%, ski equipment is offered at a favorable exchange rate at a discount up to 20%. But even despite all these measures, ski resorts in Switzerland remain the most expensive in Europe. Hotels are mostly only half full, and you can book a chalet right before Christmas and New Year's holidays.

Currency exchange rules

Swiss banks operate on a standard basis from eightin the morning until four or six in the evening on weekdays, with a lunch break from twelve to two. At airports and railway stations, the currency can be exchanged daily from eight in the morning to ten in the evening. There are twenty-four-hour items. Exchange can be made in bank branches, in exchange offices of supermarkets and department stores, in some travel agencies. But on the territory of Switzerland the rate is very high, therefore it is better to change the Swiss franc abroad.

In most shops, you can pay with dollars or euros, major types of credit cards and traveler's checks are also accepted.

VAT refund for purchases

The Swiss VAT is 7.5%. In restaurants and hotels, all taxes are included in the bill. With a one-time purchase in a store for more than 500 francs, the value-added tax is refundable. To do this, the store needs to show a passport and receive a check "Tax-free Shopping". When leaving the country, you can refund VAT in the bank at the airport. And in large department stores and shops, VAT is reimbursed directly on the spot, but it is necessary when presenting a passport.