Swiss Won't Hoard Cash Despite Smaller Bills, SNB's Jordan Says
- Central Bank President Thomas Jordan gives interview in Bern
- SNB unveils new banknotes, redesign decade in making
Thomas Jordan, president of the Swiss National Bank (SNB), speaks during a news conference to present the new 50 Swiss franc banknote in Bern, Switzerland, on Wednesday, April 6, 2016. The Swiss National Bank unveiled its new 50-franc ($52) note on Wednesday, the first in a series that features nature rather than portraits of famous men and women. Photographer: Michele Limina/Bloomberg
Swiss National Bank President Thomas Jordan doesn’t expect cash stockpiling even with negative interest rates and a new series of smaller banknotes.
“The size has no impact on the cash hoarding,” he said in a Bloomberg Television on Wednesday in Bern after the central bank unveiled a new banknotes that are smaller than those presently in use. “But we don’t really observe a big hoarding in Switzerland. We have a little bit higher growth rates for cash, but not really a hoarding problem.”