Regarding earlier articles about the planned elimination of some large-denomination banknotes, Ron Haller-Williams writes:
The Swiss National Bank (SNB) does NOT concur with the ECB (European Central Bank), and intends keeping its SFr 1000 bills, today
worth about USD $1,000 or GBP £700.
Thanks. Here's an excerpt from a Guardian article Ron forwarded. He sent this back on June 6, but I wasn't able to get it
in the last issue. -Editor
One of the world’s biggest banknotes – Switzerland’s SFr1,000 bill – is here to stay, the central bank has said, despite European Union
moves to end its highest denomination note to keep it out of the hands of militants.
European finance ministers last week called on the European Central Bank to look at ways of tightening security around the use of the
€500 bill, over fears such a high-value note made it easier for terrorists and criminals to both launder and carry cash.
But the Swiss National Bank (SNB) said there were no plans to follow Europe’s lead over its SFr1,000 bill, worth more than £700 or
$1,014. The biggest US denomination note is the $100 bill.
The spokesman said the bank believed that the size of a banknote had no impact on efforts to combat crime.
Few Swiss have seen one of the violet SFr1,000, the latest version of which features the portrait of 19th-century cultural historian
According to SNB figures, SFr38.3bn of them were in circulation in 2014, just under 10% of Swiss banknotes but 61% of the total value of
cash in paper form.
“The high proportion of large denominations indicates that banknotes are used not only as a means of payment but also to a considerable
degree as a store of value,” the SNB website explained.
One Swiss banking source said they had seen recent signs of people hoarding SFr1,000 notes as a reaction to negative Swiss interest
rates, which make banks and large institutional investors pay for some deposits.
I've never seen one of these either, but they sure look pretty. -Editor
To read the complete article, see:
Swiss 1,000-franc note
here to stay, says national bank (www.theguardian.com/business/2016/feb/16/1000-swiss-franc-note-here-to-stay-swiss-national-bank)
To read the earlier E-Sylum article, see:
NOTES FROM E-SYLUM READERS: MAY 15, 2016 : Whittling Away at Denominations Large
and Small (www.coinbooks.org/esylum_v19n20a12.html)
Wayne Homren, Editor
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