CHF 10bn stuffed in sofas

Friday, 16 December 2022 06:30

We’ve been keeping CHF 10bn under the mattress over the last few years.

As interest rates start to climb once again, those who have been keeping cash at home to avoid negative rates are now putting it back into the bank.

This is clear from the latest figures from the Swiss National Bank that show the number of notes in circulation has dropped by 10 billion francs.

That’s 10% of the total cash in the economy.

It’s clear cash was being hoarded as it’s mainly large bills being put back in the bank – 1000 and 200 franc notes.

More from Bitesize News

Geneva could foot the G7 bill

Geneva fears it will be left with the security bill from a G7 summit just across the border in Évian, according to 24 heures.
US NGO discovers Swiss child abuse cases

Switzerland relies too heavily on an American NGO to detect child sexual abuse online, raising questions about the country's ability to protect children on its own.
French singer banned by Paleo

The Paléo Festival in Nyon says it will no longer invite French singer Patrick Bruel, after a former volunteer accused him of inappropriate behaviour.
Cars going uninspected

The cantons are struggling to keep up with mandatory vehicle inspections, leaving more than 550,000 checks overdue nationwide.
War may lead to rent rises

Rents may rise again, says the bank Raiffeisen.
Not a heatwave, yet

Summer has arrived, with temperatures climbing past 30 over the long weekend. Basel reached 31 and Sion hit 32.4, but MeteoSwiss, says this does not yet count as an official heatwave.