The Swiss National Bank unveiled on Tuesday the latest 100 Swiss Franc note. The new hundred-franc bill will enter the nation’s monetary circulation on September 12.
The new bill features a design of a channel carrying water down from a mountain. The design follows the trend of the first released bills for the 10, 20, 50, 200, and 1,000-franc bills.
It is also an installment of the overhaul of the Swiss National Bank. Despite its popularity, SNB Chairman Thomas Jordan said that he did not think that the latest release will also be the last.
According to the central bank’s research, the 100, 200, and 1,000 bills are possibly affected by currency hoarding. Between 8% and 16% of the said franc notes have been used for hoarding by people avoiding negative rates charged by the SNB to keep off interests.
Thomas Jordan said that the bank noticed a shift in the demand ever since the SNB introduced negative rates. The SNB Chairman also cited the costs of keeping physical money secured.
During the release of the new note, Jordan also denied commenting about the franc’s value. This drew in more attention to the CHF and its performance against the euro.
Throughout the year, the franc has gained almost 4% against the euro. The gains come from the investors who are looking for security amidst the US-China trade conflict and global economic slowdown.
CHF on the FX Market
The Swiss franc had a strong run in yesterday’s trading against the euro and other major currencies. The EUR CHF trading pair went down by 0.30%, or 0.0033 points, hitting ranges between Fr1.0823 and Fr1.0872.
The GBP CHF exchange pair declined by 0.40% or 0.0048 points in Tuesday’s trading, extending its losses from Fr1.1852 to Fr1.1967 in sessions.
The greenback also fell short against the franc, the USD CHF pair inched down by 0.07% or 0.0007 points. The pair recorded levels from Fr0.9892 to Fr.0.9929 in Tuesday’s trading.