1,000 Swiss franc banknote to be circulated

GENEVA, March 6 (Xinhua) -- Swiss National Bank said on Wednesday that the latest version of the 1,000 Swiss franc note will go into circulation on March 13.

The 1,000 Swiss franc note is worth 999 U.S. dollar or 882 euros, but a team from Swissinfo, the website of the national broadcaster, reported on Wednesday that the big value banknote has difficulty in small purchases.

Swissinfo showed a video of its team trying to buy coffees, some flowers or a book with the newly designed 1,000-franc note. All the shops it tried, however, had to turn down the note as they were unable to provide the correct change for such small purchases.

The Swiss branch of the international anti-corruption organization Transparency International had argued that criminals might welcome such a high denomination currency.

"Using cash has the advantage of leaving no trace. So, people or organizations abroad can also use these Swiss banknotes to hide money from tax authorities or criminal prosecution authorities," Transparency International argued.

The Swiss National Bank in a press release said the new notes have 15 security features to thwart counterfeiters, including shimmery ink, glittery thread, window cut-outs, ultraviolet elements, and micro text.

Also, they have a three-layer structure which consists of two outer layers of cotton paper and a polymer core for reinforcement, making them more durable than traditional banknote paper.

Swissinfo reported that the Alpine nation's population still likes to transact in cash. It cited a survey by the central bank in 2017 showing that money was used for 70 percent of transactions in Switzerland.