Jordan says the 1000 CHF note isn't going anywhere
What is the point of the 1000 franc note?
The ECB announced the end of the 500 euro note today because the only people who were using it were drug dealers and money launderers.
Meanwhile, SNB President Thomas Jordan today affirmed that the 1000 CHF note isn't going anywhere. In fact, 61% of the total value of Swiss franc banknotes is in the SF1000 bills despite few Swiss ever saying they've seen one.
Their continued existence is bizarre. Perhaps people are using them to avoid negative interest rates but if that's the case, that's an even better reason to get rid of them.
In the bigger picture, it's part of a system where the Swiss play by different rules. The US has long lamented FX manipulation everywhere but gave the Swiss a completely free pass on the EUR/CHF floor. White House advisor Gary Cohn even had an embarrassing misunderstanding of the Swiss franc cap worked.
