Cash is king: Swiss defend huge 1,000-franc bank note

GENEVA – The eurozone is scrapping its 500-euro ($564) note out of concern over its popularity with money launderers. But Switzerland is making clear that it sees no need to kill off its own 1,000-franc bill — currently worth $1,018.

In a reply published Thursday to questions from centre-left lawmaker Margret Kiener Nellen, the government said authorities know of no money laundering cases in which the huge bill was a relevant factor.

It said it’s taken measures to limit the risk of cash being used for criminal purposes including terror financing, and argued the franc doesn’t have anywhere near the euro’s global significance.

The government wrote that “Switzerland is a country with a high wage and price level and also has a marked culture of cash use, which justifies a higher denomination.”