Switzerland: people want 1000-CHF banknotes

The Swiss people want more and more the 1000-franc note. In May they have been put into circulation with a value of 45 billion, twice 10 years ago. The director of the Cantonal Bank of Geneva, interviewed by Matin Dimanche, links the phenomenon to the fears associated with the introduction of negative interest rates on deposits. "Rather than seeing their savings erode, more and more customers prefer to dispose of their assets in bank notes that are kept in a safe or at home," Blaise Goetschin explains.

The hypothesis that even the Swiss investors must pay to leave the money on the accounts is not remote. The recently Migros Bank leaders said they may introduce the measure if the SNB were to keep monetary policy enacted after the abandonment of the minimum exchange rate with the euro. Moreover, in recent days, the German Raiffeisenbank Gmund, first in Europe, has introduced a deduction of 0.4% per annum on deposits over € 100,000.

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