Some 60% of all Swiss banknotes are hoarded, study finds

The amount of Swiss CHF1,000 notes that are hoarded rather than being used in the economy for payments could be as high as 87%, a study by the Swiss National Bank (SNB) has shown. The report, “Demand for Swiss banknotes: some new evidence”, estimates the volume of Swiss banknotes being stashed – rather than spent or invested – over the period 1950-2017. The results show that a much higher proportion than previously thought could be hoarded, especially the CHF1,000 ($1,013) note – one of the most valuable bank notes in the world. Depending on the method of estimate used, the amount of such notes stuffed under mattresses (or elsewhere) was between 79% and 89% in 2017, the economists found. Some 42-60% of CHF200 notes were hoarded, and 8-16% of CHF100 notes. The average for all denominations was around 60%, showing that some two-thirds of printed banknotes are not being used in the real economy. Criminal use Writing about the study on Thursday, the Tages Anzeiger newspaper said ...
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