HALISTER1: Switzerland’s Gasser Sees Pressure on 1,000-Franc Note: Paper

Switzerland’s Gasser Sees Pressure on 1,000-Franc Note: Paper

(Bloomberg) -- Switzerland’s 1,000-franc note “is always an issue when discussing money laundering and terrorism financing,” Swiss Secretary of State for International Finance Joerg Gasser tells Zentralschweiz am Sonntag.
  • “There definitely is pressure” to abolish it, Gasser says
  • Says scrapping the 1,000-franc bill “currently isn’t an option”
  • “We have to wait for the further developments. We have good arguments for the use of large denominations as a method of payment and as a means of storing value”
  • Says there also is pressure as Switzerland’s 100,000-franc limit for cash transactions is much higher than elsewhere
  • NOTE: Switzerland’s 1,000-Franc Banknotes Are Still Popular: Chart
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Source: BFW (Bloomberg First Word)

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