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By John Letzing at Market Watch
ZURICH–Circulation of Switzerland’s 1,000 franc note, among the largest denomination bills in the world, rose sharply last year after the country’s central bank cut interest rates deeply into negative territory.
The increased prevalence of the large bill comes amid recent calls for major central banks to restrict the circulation of big bank notes, which critics say makes it easier for crooks to move around their ill-gotten gains. In addition, some economists argue that the large bills make it tougher for central bankers to influence the economy by steering interest rates into negative territory.
According to data published by the Swiss National Bank on Monday, there was 45.2 billion Swiss francs worth of 1,000 franc notes in circulation in December, up from 40.5 billion francs in December 2014. It marked a 17% increase since November 2014, the month before the central bank began implementing its negative interest rate policy.