The week in Switzerland
Dear Swiss Abroad,
With about five weeks to go before the Swiss vote on four issues, a poll is suggesting two yeses, a big no, and – in a vote that could decide the future of Swissinfo – a too-close-to-call. Find out which way the Swiss Abroad are leaning.
This week the Swiss franc surged to record levels against the US dollar, but the Swiss National Bank (SNB) is unlikely to intervene, according to experts.
On Tuesday afternoon one US dollar fell to CHF0.7701, its lowest level ever, excluding the price turbulence related to the scrapping of the minimum exchange rate with the euro in January 2015. The Swiss currency also strengthened against the euro, which hit CHF0.9189, its lowest level since November.
“A stampede into what traders are calling currency markets’ last ‘reliable’ haven poses an increasing problem for the Swiss National Bank,” the Financial Times wrote on Wednesday.
It pointed out that investors were nervous about the Trump administration’s “erratic policymaking” and that the yen, another traditional haven during times of market stress, was also currently volatile. “The Swissie looks a bit like a gold nugget,” Daniel Kalt, chief investment officer for Switzerland at UBS Global Wealth Management, told the FT. “It doesn’t yield you anything. But there’s a rock-solid economy behind it.”
No interventions by the SNB have been discernible to date, according to a statement by Bank Valiant, quoted by newspaper Blick. This is in line with signs that the central bank is less concerned about the absolute price level than about strong fluctuations, it said.
Swiss public radio RSI noted that the strong franc was causing problems for Swiss exports, but it said “the SNB’s room for intervention is limited”.
Swiss prosecutors have reportedly summoned a current and a former local official for questioning next month in a probe into a bar fire on New Year’s Eve in which 40 people died and more than 100 were injured.
The investigation has been widened in recent days, with four individuals now implicated. In addition to the couple who owned the bar, the Valais judiciary has opened proceedings against a former municipal security officer and the current head of the public security service. The expanding list of suspects reflects a gradual shift in focus towards potential municipal responsibility and failures in safety oversight.
The release of one of the bar’s owners on bail last Friday triggered a diplomatic incident with Italy, home of many of the victims. The Corriere della Sera newspaper said on Sunday that Italian Prime Minister Giorgia Meloni felt “profound indignation and dismay” at the Swiss court’s decision. This “inflicts a further, unspeakable heartbreak on the families of the victims and the many injured”, she said. The Italian government then summoned the Italian ambassador to Switzerland back to Rome, saying he would return to Bern only if there were a joint Swiss-Italian investigation into the fire.
“Italian pressure outrages parliamentarians of all political persuasions,” reported Swiss public broadcaster RTS on Tuesday. “On both the left and the right, ‘unacceptable’ and ‘incomprehensible’ are the adjectives most often used. There is talk of interference, even blackmail, and the irritation is palpable.”
On Tuesday the Swiss ambassador in Rome, Roberto Balzaretti, tried to calm the waves, telling Le Temps that prosecutors in canton Valais were due to meet Italian investigators in mid-February as part of the ongoing inquiry. “There’s no crisis between the two countries,” he said.
A poll on the four issues being decided by Swiss voters on March 8 suggests a yes for individual taxation and the cash initiative, a too-close-to-call on reducing the licence fee, and a no-chance for a climate fund.
At first glance, the “CHF200 is enough!” initiative, which wants to reduce the annual television and radio licence fee of the Swiss Broadcasting Corporation (SBC) from CHF335 ($437) to CHF200, looks like being rejected: 52% are against it. “But with a sampling error of 3%, the rejection rate could also be 49%,” says political scientist Martina Mousson. On this issue, Swiss voters who live abroad are on the same wavelength as those in Switzerland.
The situation is clearer when it comes to individual taxation, which has majority support (64%) across the board. Support is even stronger (74%) among the Swiss Abroad.
The “Cash is freedom” initiative, which wants to guarantee supplies of coins and notes and the use of the franc as the national currency, also received strong support: 65% of respondents are in favour. There is even more support among the Swiss Abroad (69%).
However, only a third of respondents backed the climate fund initiative, which would force the authorities to channel funds towards a comprehensive approach to combating climate change. What’s striking here is that the Swiss Abroad actually voted in favour of it – albeit with little conviction.
Eight months after a landslide buried the village of Blatten in southwestern Switzerland, many uncovered objects have already been identified and returned to their owners, but some remain a mystery.
The list of unclaimed items is long, Matthias Bellwald, mayor of Blatten, told Swiss public radio SRF on Wednesday. “It includes everything from baskets to forest sledges, from cameras to tools, from traditional costumes to woollen blankets.”
Blatten has now launched an appeal via the municipal app: anyone can visit the municipal office to view pictures of the items electronically. Bellwald said that within a few hours around 50 people had come forward. “We’ve already had our first successes with items that have been recognised.”
The fact that attempts are being made to return the items to their owners is an important process, he says. “Especially for people who have lost everything. It can be important for them to get back an item that is associated with memories for them.”
The week ahead
Every year, at 1:30pm on the first Wednesday in February, the sound of 7,200 sirens dotted around Switzerland fills the air, startling anyone who doesn’t realise it’s a test.
On Thursday Addiction Switzerland publishes Addiction Panorama 2026, an overview of the latest developments in the field of addiction.
How much are political parties and interest groups spending on their campaigns for the federal votes on March 8? On Friday the Swiss Federal Audit Office publishes figures on the campaign budgets.
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