05 Mar 2019
Switzerland is redesigning its 1,000-franc note, one of the world’s most valuable currency notes, and is set to launch today – March 5th.
The redesigning comes at a time when large denomination notes of the world’s top currencies are being criticised for paving the way for crime and tax evasion, Bloomberg reported. In fact, the European Central Bank already stopped issuing its 500-euro note since concerns were raised.
However, Martin Buyle, the chief executive officer of Orell Fuessli, which produces Switzerland’s banknotes, thinks the redesigned 1,000-franc note will not be commonly used.
“It’ll be a very nice note that most of us will never set eyes on unless you go to a bank and have them show it to you,” Buyle said.
A survey conducted in 2017 by the Swiss National Bank revealed that solely 20% of people used cash for payments of more than 1,000 francs – while 54% of people paid with cash for payments of up to 500 francs.
Buyle went on to say, “Cash will retain its appeal for a very long time, thanks to the anonymity.”
Despite international concerns of crime-related issues surrounding money, Switzerland has made protection of privacy one of its priorities. Black money was once known as a common issue in the country, and it was also ranked as one of the major issues in the 2014 Lok Sabha elections campaign in India. According to interim Finance Minister Piyush Goyal, Indian deposits in Swiss banks decreased by 80% since Modi became Prime Minister in 2014. This reflects the effort put forward to restrain the black money issue.