The Strategist

Switzerland reveals new 1000-franc note


03/07/2019 - 10:24



The Swiss National Bank (SNB, the central bank of the country) presented a new bill of 1,000 francs. The banknote will become the most expensive one in Europe and the second most valuable in the world (after a 10 thousand Brunei dollar bill).



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The bill, which will go into circulation on March 13, is made in purple color scheme using polymer fibers, like other banknotes of the new, ninth series. The main theme of the bill design is communication and language.

It is noted that recently there has been a tendency in the world to withdraw especially large bills from circulation. Critics argue that they are actively used in the criminal world and propose to turn to electronic payments. In particular, the European Central Bank (ECB) decided to stop printing €500 banknotes from April 2019.

However, cash is still running in Switzerland due to cultural peculiarities, said SNB Deputy Chairman Fritz Zurbrügg.

Data of the Central Bank survey for 2017, shows that about 70% of all payments in Switzerland were made for cash. In terms of value, the figure is about 45%. About 40% of those surveyed at least once used the banknote of 1,000 francs during the year, and the indicator reaches 60% in the Italian-speaking Ticino canton, mainly among to the population over 55 years old.

The replacement of Swiss francs with new-style banknotes will be completed in September 2019, when the Central Bank will present the last banknote with a nominal value of 100 francs.

source: bloomberg.com




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