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Switzerland will issue a new banknote to the sum of 1000 francs

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Switzerland will issue a new banknote to the sum of 1000 francs
March 06
13:00 2019

The Swiss National Bank showed on its Twitter account a new banknote worth 1 thousand francs. It will be the most expensive banknote in Europe and the second most expensive in the world.

The banknotes will take effect on March 13th. The main color of the new banknote is purple. As in the other nine models, it uses polymer fibers, the main function of which is fraud protection.

The Swiss went against the global trend. Now it is more common when the large banknotes are withdrawn than the new ones are issued. This is because such banknotes are very attractive for the use in illegal activities. Another reason for the withdrawal of “large” banknotes is the increase in the number of users of electronic payment systems. For example, the European Bank has decided to stop issuing banknotes worth 500 Euro in April.

Fritz Zurbrugg, the Deputy Chairman at Swiss bank, notes that the cash is part of the culture of the country and that is why it still remains popular. More than 70% of transactions are made with cash. 40% of citizens at least once paid with a banknote of one thousand francs.

In early autumn, the Swiss Central Bank will issue the last banknote of the new series with the value of 100 francs.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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