Why are Swiss bank gnomes nervous?

Credit Suisse is one of the Swiss banks that applies negative interest rates to large cash balances. Image: AFP

Swiss bankers can be seen in almost every corner of the World Economic Forum in Davos. This year, private conversations are becoming a growing phenomenon: wealthy customers take their money out of banknotes and store it.

In most countries, the amount of cash in circulation is decreasing. But in Switzerland it is constantly increasing and, reflecting the greater storage, the number of 1000 Swiss franc bills in use has increased faster than any other denomination.



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