by Investec Switzerland. Switzerland should be wary of “well-meaning” international pressure to withdraw its 1,000-franc (,007) note, according to the central bank’s former president. © Ginasanders | Dreamstime.com Concern has mounted globally that big banknotes make life easier for criminals and should therefore be scrapped. While officials in the euro area have announced plans to phase out their most valuable note, the Swiss National Bank has stated its intent to retain its most valuable bill. “It is an illusion to think that criminality or tax evasion will be reduced by withdrawing high-denomination banknotes, because other means of settlement or alternative forms of dissimulation will be found,” former SNB President Jean-Pierre Roth wrote in an opinion piece published on the website of BCGE, where he now is chairman. “We should, however, be wary of the risk of significant political pressure being brought to bear on the National Bank for it to follow the ECB’s example.” The European Central Bank will stop producing its 500-euro. By Catherine Bosley (Bloomberg) Facebook and Twitter.
Topics:
Investec considers the following as important: 1000 Swiss francs, Business & Economy, Editor's Choice
This could be interesting, too:
Investec writes Switzerland ranked second in digital competitiveness
Investec writes Swiss wages set to rise in 2025
Investec writes Federal Council hopes to boost savings with pension change
Investec writes Switzerland’s cross border workers reach record level
Switzerland should be wary of “well-meaning” international pressure to withdraw its 1,000-franc ($1,007) note, according to the central bank’s former president.
© Ginasanders | Dreamstime.com
Concern has mounted globally that big banknotes make life easier for criminals and should therefore be scrapped. While officials in the euro area have announced plans to phase out their most valuable note, the Swiss National Bank has stated its intent to retain its most valuable bill. “It is an illusion to think that criminality or tax evasion will be reduced by withdrawing high-denomination banknotes, because other means of settlement or alternative forms of dissimulation will be found,” former SNB President Jean-Pierre Roth wrote in an opinion piece published on the website of BCGE, where he now is chairman. “We should, however, be wary of the risk of significant political pressure being brought to bear on the National Bank for it to follow the ECB’s example.”
The European Central Bank will stop producing its 500-euro.
By Catherine Bosley (Bloomberg)