Swiss Won’t Rethink 1,000-Franc Note as Draghi Hails Crime Fight

Swiss officials have no plans to follow the European Central Bank and consider withdrawing their highest-denomination banknote to help fight crime.

A day after ECB President Mario Draghi told lawmakers that there’s “increasing conviction” around the world that such bills are used for illegal purposes, Swiss National Bank Spokesman Walter Meier said by telephone that his institution “isn’t thinking about getting rid of the 1,000-franc note.”

Draghi has told lawmakers twice this month that officials are reviewing the 500-euro ($559) note, which law-enforcement officials say makes it easier for criminals and terrorists to smuggle large sums of money. There were more than 43.3 million of the more valuable 1,000-franc ($1,015) bills in circulation as of November, according to Swiss central bank statistics, more than twice as many as in 2000.

http://www.bloomberg.com/news/articles/2016-02-16/swiss-won-t-rethink-1-000-franc-note-as-draghi-hails-crime-fight

Related

JOIN THE DISCUSSION