Central Banks
1,000-Franc Bills Account for Half of All Swiss Cash, SNB Says
- Swiss cash in circulation rose to more than 90 billion francs
- Vice President Martin Schlegel comments in magazine interview
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More than half of all Swiss cash in circulation, almost 50 billion francs ($56 billion), is held in 1,000-franc bills, though a significant part of those notes might be in other countries, according to Swiss National Bank Vice President Martin Schlegel.
“We assume that a good portion is also circulating abroad and is used to store value,” Schlegel told Die Volkswirtschaft. “This is a compliment and a vote of confidence in Switzerland and the SNB: People trust that our money will keep its value.”