May 10, 2017 / 8:55 AM / 7 months ago

Use of biggest Swiss banknote waning - SNB's Zurbruegg

BERN, May 10 (Reuters) - Use of the 1,000-Swiss franc banknote is on the wane again after a boost in popularity when the Swiss National Bank adopted negative interest rates, SNB board member Fritz Zurbruegg said on Wednesday.

“After a small rise in 2015 when negative rates were introduced, the increase in the thousander is declining,” he told a news conference on the launch of a new 20-franc banknote. He said it was a fact that use of large denomination notes had grown more strongly since the financial crisis broke out.

The SNB has said it has no plans to take the 1,000-franc bill -- one of the world’s most valuable banknotes and now worth around $994 -- out of circulation despite suggestions such large notes could help criminals operate anonymously. ($1 = 1.0056 Swiss francs) (Reporting by Angelika Gruber; Editing by Michael Shields)

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