Today: Friday, 1 December 2023 year

New Swiss 1,000-franc note revealed

New Swiss 1,000-franc note revealed

The new 1,000-franc note became the most controversial one, say the experts. In fact, the new fancy bill becomes one of the world’s most valuable banknote, The Local Switzerland reported.

The first question after revealing the new Swiss 1,000-franc note was “How many of the old 1,000-franc notes are there floating around?” The Swiss National Bank (SNB) figures, there is around 48.6 billion francs in circulation in the form of 1,000-franc bills. In other words, that is some 59 percent of all Swiss notes in circulation as of March 2019.

The new Swiss 1,000-franc note is not the most valuable banknote, but it follows Brunei’s B$10,000 note, which is worth more than the new Swiss note,  around 7,440 Swiss francs.

The critics claim the high-denomination Swiss note is the perfect vehicle for money laundering, tax evasion and other criminal activities. The 1,000-franc notes could be being used in the process of avoiding wealth tax, say the experts.

The design of new and old 1,000-franc notes are different both in the colour scheme and sizes. Both are a regal-looking violet in colour but the new note is far shorter: just 158mm long against 181mm for the old bill. The SNB announced the old notes will remain legal tender until further notice.