Swiss authorities profit from unexchanged banknotes
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Swiss authorities profit from unexchanged banknotes
The Swiss government and cantons will receive over CHF700 million ($840 million) from the Swiss National Bank (SNB) because old banknotes worth almost CHF1 billion have not been exchanged.
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According to a statement from the SNB, this concerns banknotes from the sixth series, which were recalled at the beginning of the millennium.
Banknotes from this series worth CHF989.6 million were not exchanged by the end of April 2025, which is why the majority of this money is now being distributed. Only CHF99 million will remain with the SNB, in case old banknotes are exchanged in the future.
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A total of CHF178.1 million will be paid to the Swiss Fund for Assistance in the Event of Uninsurable Natural Disaster Damage (fondssuisse). Two-thirds of the remaining money will go to the cantons (CHF475 million) and one-third to the federal government (CHF237.5 million), according to the press release.
The distribution of the money is governed by the Federal Act on Currency and Payment Instruments. It stipulates that 25 years after the recall of a banknote series, the equivalent value of the banknotes that have not been exchanged will be allocated according to a distribution formula. The SNB said the beneficiaries will be paid in May 2025.
Translated from German by DeepL/ts
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