CHF / SGD - Swiss Franc / Singapore Dollar

CHF to SGD Exchange Rate: Comparing Two Financial Powerhouses in the Global Currency Arena

The CHF to SGD exchange rate reflects the relationship between two highly regarded, stable, and investment-grade currencies: the Swiss Franc (CHF) and the Singapore Dollar (SGD). Both nations are small, open economies with robust financial sectors, low inflation, and strong institutional frameworks. However, the CHF is a traditional safe-haven asset, while the SGD is a managed float currency overseen by the Monetary Authority of Singapore (MAS).

1990s: Conservative Growth and Relative Stability

In the 1990s:

• CHF/SGD averaged between 1.15 and 1.25.

• Both Switzerland and Singapore experienced stable, low-inflation growth.

• The SGD was gradually appreciating against a trade-weighted basket under MAS’s guidance.

• CHF strength occasionally spiked during periods of global geopolitical tension, giving it a mild edge.

However, overall, the pair remained range-bound and uneventful, highlighting their mutual low volatility status.

2000–2008: Safe-Haven CHF Marginally Stronger

During the global boom of the 2000s:

• CHF/SGD ranged between 1.20 and 1.35.

• The Swiss Franc gained traction in the early 2000s amid concerns about U.S. financial stability.

• The MAS allowed SGD appreciation to combat imported inflation as the economy grew.

• By 2008, with the global financial crisis, CHF sharply appreciated, pushing CHF/SGD above 1.40.

This reflected the Franc’s safe-haven appeal in crisis periods, while SGD remained tightly managed by MAS policy.

2009–2015: Post-Crisis Divergence and SNB Peg Drama

After the 2008 crisis:

• CHF/SGD jumped to 1.50+ in 2011 as risk sentiment deteriorated in Europe.

• In 2011, the Swiss National Bank (SNB) introduced a peg to the Euro, stabilizing CHF temporarily.

• Meanwhile, the MAS maintained a steady SGD appreciation path through currency basket management.

In January 2015, the SNB removed the EUR/CHF peg, leading to a sudden spike in CHF/SGD toward 1.47, before stabilizing around 1.40–1.42.

2016–2019: Balanced Trade and Neutral Positioning

Between 2016 and 2019:

• CHF/SGD remained relatively steady between 1.36 and 1.42.

• The MAS continued its modest SGD appreciation stance.

• The SNB kept negative interest rates, which limited aggressive CHF strength despite global volatility.

• Both currencies retained safe-haven qualities but were seen as neutral vs each other.

This period showed how both currencies acted as stabilizers in diversified FX portfolios.

2020–2024: Pandemic, Inflation, and Monetary Tightening

Recent years brought major shifts:

• During the COVID-19 pandemic, CHF spiked again as global risk sentiment collapsed, pushing CHF/SGD above 1.47 in 2020.

• As inflation surged globally, Switzerland hiked rates faster than Singapore.

• The SNB turned hawkish, while MAS tightened via currency appreciation, not interest rates.

• In 2023–2024, CHF/SGD steadily climbed above 1.53, reflecting CHF’s growing yield advantage.

By early 2025, CHF/SGD trades around 1.56, close to multi-decade highs.

April 2025 Update: CHF Maintains Yield Premium Over SGD

As of April 2025:

• CHF/SGD trades at ~1.56, its highest level since the 1970s.

• The SNB maintains interest rates at 1.75%, while MAS continues non-rate monetary tightening.

• Market participants now favor CHF for both safety and returns, particularly amid eurozone fragility and U.S. rate uncertainty.

• SGD’s performance remains solid, but CHF’s real yield and risk-off behavior offer more upside.

Unless the MAS adjusts its band or global risk appetite improves substantially, CHF/SGD is expected to remain above 1.50, with upward bias.

✅ Key

🟢 = CHF appreciated vs SGD
❌ = CHF depreciated vs SGD
⚠️ = Mixed or sideways movement

📊 CHF to SGD Exchange Rate by Decade

The CHF to SGD exchange rate showcases a classic matchup between two disciplined and stable monetary regimes. However, Switzerland’s recent proactive tightening and its stronger reputation during market turmoil have pushed CHF to multi-decade highs versus SGD. The key to this pair in 2025 will be whether the MAS allows SGD to appreciate more aggressively—or if the SNB’s hiking cycle begins to pause.