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Swiss to stick with 1,000-franc bill: central bank

[BERN] Switzerland's central bank has no plans to take the 1,000-Swiss franc bill - one of the world's most valuable banknotes and now worth around US$1,041 - out of circulation, Swiss National Bank Chairman Thomas Jordan said on Wednesday.

European finance ministers have called on the European Central Bank to look at ways of tightening security around the use of the 500-euro (S$765.33) bill over fears such a high-value note made it easier for terrorists and felons to carry cash.

But Mr Jordan said Switzerland would stick with its high-value bill for the foreseeable future because cash, as opposed to card or mobile transactions, is still widely used in Switzerland.

"The 1,000-Swiss franc banknote is heavily used still in Switzerland and that was the key reason that we maintained the 1,000-Swiss franc banknote," Mr Jordan said in an interview with Reuters TV after the SNB presented the new 50-franc note.

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"People in Switzerland like it and would like to continue to use it."

REUTERS

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