New CHF 1,000 note to be released
A new CHF 1,000 note will be released tomorrow - and while you may not see one every day, they are very popular.
They’re rarely used to buy anything – but they are used as a store of wealth and many suggest they’re also popular with people who have something to hide.
Experts believe more than CHF 3bn is hidden away using the high value note.
The note is the highest denomination in the world and the Swiss National Bank is resisting international pressure to ditch it as some say it’s a favourite note for criminals. The central bank says there’s no evidence of that.
Many people could be using the note to keep cash out of the bank to escape Swiss negative interest rates.