The Swiss National Bank is going to release its latest CHF200 note into circulation from its 9th series of banknotes on 22nd August. Experts believe that many people are going to use these notes even though they bear a very high denomination. The new CHF200 note comes with the latest security features and features images related to scientific exploration.
Experts believe that the real reason for releasing this note is tradition. Paying such a high denomination for a low value transaction becomes very difficult because of lack of change. Researchers have found out that people in Switzerland use cash for transactions of up to CHF20, debit cards are used for 37% of their payments, cash for 36% and credit cards for 23%. Every person carries CHF65 in cash on an average.
The largest denomination in China is 100 yuan (CHF15), however, most Chinese prefer online transactions. Japanese carry 18,000 yen in cash on an average.
1,000 roubles and 500 roubles are used more frequently in Russia. Every Russian carries around 1,000 roubles on an average. The biggest denomination in Brazil is 100 real and experts believe that it’s dangerous to carry more cash there.
New banknotes of the denominations 50-, 20- and ten-franc from the new series have already been released. The new 1,000-franc note will be presented on 5th March 2019 while the 100-franc note, will be released in autumn 2019. The older notes will continue to be in circulation.
Image Courtesy: The Swiss National Bank