Switzerland’s central bank launched a new 1,000 Swiss franc (€882) note on Tuesday, saying one of the world’s most valuable banknotes catered to the popularity of cash in Swiss culture and was not a help for criminals.
The Swiss National Bank’s announcement of the new lilac-coloured note, available from March 13, comes as other central banks move away from large notes because of concerns about their use by criminals and money launderers.
„The choice of the denomination is a matter for the SNB, but the current denominations are appropriate and correspond to what people want,“ Vice Chairman Fritz Zurbruegg told a news conference.
„The 1,000 franc note is used for payments and also has a function as a store of value. Cash is still very popular in Switzerland, it is a cultural phenomenon.“
Since January this year, 17 of the 19 central banks in the eurozone have stopped issuing 500 euro notes because of concerns they are often used for illegal activities.
Germany’s Bundesbank and the Austrian National Bank will continue issuing 500 euro notes until April 26, 2019.
The SNB is following discussions about illicit use very closely, Zurbruegg said, but there were no indications that criminals used the 1,000 franc note more frequently than other notes.
„In Switzerland the 1,000 franc note is used…particularly for high-value purchase and for paying bills at the post office,“ he said.
