SNB wants new banknotes in the old color and usual denomination
Published: Wednesday, Oct 30th 2024, 14:30
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Switzerland will receive new banknotes in a few years' time. The Swiss National Bank (SNB) is launching a competition to design a new banknote series on the theme of "Switzerland and its altitudes". The colors of the banknotes and the usual denominations are not to change.
"We assume that the new banknotes will be issued at the beginning of the 2030s at the earliest," said the new SNB President Martin Schlegel to the media on Wednesday. The use of cash continues to play a major role in Switzerland, even in times of payment apps and cards. Schlegel said that he was also looking forward to the new notes.
The SNB is starting to plan this at an early stage. The current banknote series, which was introduced between 2016 and 2019, is still very forgery-proof, it said. However, it has now reached around half of its lifespan. As a rule, new banknotes are launched every 15 to 20 years.
Competition starts
This is just the starting signal for the design competition. From February to July 2025, competitors will be able to develop banknote designs. This will be followed by an evaluation by an advisory board and experts, according to the statement. The winner will be announced in 2026 and will then be commissioned with the further development of the banknote designs.
The SNB places high demands on the new series in terms of security, functionality and graphic design. Among other things, it needs security features that are easy to recognize and difficult to counterfeit. They must also be easily distinguishable from one another by man and machine and withstand the rigors of everyday use. And they are a calling card for Switzerland.
The SNB's Bank Council and Governing Board have chosen the theme for the new banknotes. They are to depict the topography of Switzerland based on six altitudes. Specifically, these are the "lowlands" (including large cities) for the 10-franc note, the Central Plateau for the 20-franc note, the Jura for the 50-franc note and the foothills of the Alps for the 100-franc note. The 200-franc note focuses on the mountains and the 1000-franc note on the high mountains.
The aim is to present the diversity of Switzerland in a vivid and realistic way. The aim is to show plants, animals and people in the midst of an impressive and varied landscape. The public can also have their say on the design of the new banknotes via an online survey.
1000 note remains
It is clear that the not uncontroversial 1000-franc note will continue to exist in Switzerland in the future. "The 1000-franc note remains an important means of payment and, in particular, a store of value for the population," said Schlegel. While a lot of money was hoarded in 1,000-franc notes during the negative interest rate phase, demand for them has declined again since the turnaround in interest rates.
In any case, the use of cash is still very important in Switzerland, Schlegel continued. Around one in three payments in Switzerland today is made in cash. "We are convinced that cash will remain a widely used means of payment in the future," said Schlegel.
The introduction of a new banknote series costs money. Schlegel assumes that a mid double-digit million amount will have to be spent on this. However, Schlegel went on to say that it is not easy to quantify how much the management of cash costs overall.
©Keystone/SDA
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