The Swiss National Bank (SNB) did not consider it necessary to strengthen its capacity to intervene in the foreign exchange market at its decision of 24 September 2026. This is stated in the summary of its deliberations, published on Thursday 22 October 2026 and reported by the AWP news agency. On the same day, the Swiss franc appreciated markedly: the euro fell below 0.92 francs in the early afternoon, according to Keystone-ATS.
What the SNB summary says
The summary looks back at the decision of 24 September 2026, when the SNB kept its policy rate at 0%. It sheds light on one specific point: the role of currency interventions.
In June 2026, the central bank had signalled an increased willingness to intervene in the foreign exchange market. In September, it changed its mind and judged that this was no longer necessary. It gives two reasons:
- medium-term inflationary pressures are rising only moderately;
- second-round effects of higher energy prices remain barely noticeable.
The document also addresses artificial intelligence (AI). According to the SNB, it is too early to judge its effects on the labour market, whether in terms of structural unemployment or a drag on consumption.
The Swiss franc is becoming a safe haven again
After a few months of moderate demand, the franc rose sharply again in October 2026. This is the finding of a Keystone-ATS dispatch published by swissinfo.ch on 22 October. That day, in the early afternoon, the euro fell back below 0.92 francs. The franc thus reached its highest level since early July.
The franc also strengthened markedly against the US dollar. At the time of the dispatch, one dollar cost 0.82 francs, compared with nearly 0.84 francs at times at the start of the month.
Franc-euro exchange rate in October 2026
| Time of reading | Euro in francs | Dollar in francs | Source |
|---|---|---|---|
| Early October 2026 | nearly 0.95 | nearly 0.84 at times | Keystone-ATS |
| 21 October 2026 | 0.9253 | 0.8245 | SNB |
| 22 October 2026, early afternoon | below 0.92 | 0.82 | Keystone-ATS |
These rates show how many francs are needed for one euro or one dollar. The lower the figure, the stronger the franc. The Keystone-ATS readings are rounded and one-off: they say nothing about developments in the following days.
Why the franc had weakened, then recovered
The franc's slight weakness a few weeks earlier was mainly due to the interest rate differential. The SNB was able to keep its policy rate at zero thanks to persistently low inflation. The European Central Bank (ECB) and the US Federal Reserve (Fed), by contrast, had recently raised their rates.
The mood then turned within a short time. Markets are worried about France's high and still-growing debt, political uncertainty, unrest and next year's presidential election. As early as 19 October 2026, the euro was down 0.28% against the dollar at midday, weighed down by tensions in France.
Yields on French government bonds now exceed those of Greece or Italy. At ten years, their spread over German bonds reaches just under 1.7 percentage points. This is its highest level in 15 years, according to Keystone-ATS.
What Swiss banks are saying
For Valiant bank, quoted by Keystone-ATS, the protests in France hardly inspire confidence. It is less the images of riots that weigh than the cost of the demands. The bank considers it reasonable to expect further inflows into the franc.
The private bank UBP draws a parallel with the eurozone debt crisis. In its view, the euro-franc pair is increasingly serving as a barometer of risk in the eurozone. Its analysts see persistent downside risks in the coming weeks, and more pronounced ones as 2027 approaches. In the medium term, a rate of just under 0.90 francs per euro would even be possible. This is a bank's hypothesis, not an established fact.
What this means for exporters and interest rates
A stronger franc reduces the value, once converted into francs, of sales made in euros. 2clics had already noted this effect in connection with Givaudan's nine-month sales. However, no source puts a figure on the effect of October's rise on Swiss companies.
Foreign trade is emerging from a mixed period. According to the Federal Office for Customs and Border Security (FOCBS), Swiss exports in September rose by 1.5% to 23.2 billion francs. For the watch industry, Vontobel analyst Jean-Philippe Bertschy noted that the unrest in France and Italy adds to the uncertainty. Together, these two markets form the industry's second-largest export destination.
On the rates side, the SNB website showed a policy rate of 0.00% on 21 October 2026. The yield on Swiss Confederation bonds stood at 0.553% on the same day. The summary says nothing about the next decision: to follow this topic, 2clics groups its articles on the SNB and interest rates.
What we don't know yet
- Whether the SNB has intervened in the foreign exchange market since 24 September 2026: none of the sources specifies this.
- Whether it would change its mind in the face of a stronger franc: the summary concerns a decision taken before October's rise.
- The concrete effect on exporting companies: it has not yet been measured.
- The euro's trajectory: the 0.90-franc threshold mentioned by UBP remains a projection, with no guarantee.
