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    SNBN   CH0001319265

SCHWEIZERISCHE NATIONALBANK

(SNBN)
  Report
Delayed Swiss Exchange  -  11:30:28 2023-02-02 am EST
4850.00 CHF   +0.62%
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Don't take cash for granted, Swiss National Bank warns

11/29/2022 | 10:00am EST

ZURICH, Nov 29 (Reuters) - The use of cash is set to decline in an increasingly digital age, posing risks that the crucial infrastructure to provide "crisis-proof" banknotes and coins could erode, Swiss National Bank Vice Chairman Martin Schlegel said on Tuesday.

A 2020 SNB survey of payment methods in Switzerland found just under half of everyday payments were in cash, making it the most frequently used way to pay. But this had dropped from 70% in 2017, and the downward trend will likely continue, Schlegel said in remarks prepared for a conference in Liechtenstein.

Declining cash usage puts pressure on cash infrastructure because supplying and processing cash is a volume business, he noted. Cash registers, ATMs, secure transport vehicles and facilities are necessary regardless of how much cash is processed.

The number of ATMs in Switzerland is already shrinking, raising the risk that people will take out less cash and use it less to make purchases.

"A reduction in access and declining acceptance could therefore start a downward spiral, with more restricted access, less use and more limited acceptance mutually reinforcing each other," Schlegel said.

Cash offers important advantages, including making managing money clear and simple, allowing everyone to participate in the economy and in social life, and preserving privacy.

It requires little in the way of technical facilities at the point of sale, so is particularly crisis-proof.

"You can still pay with banknotes even when a card terminal has stopped working, when your mobile phone has no reception or when there is no electricity. Cash therefore serves as an important back-up in the event of local – or even widespread – interruptions to card or app payments," he said. (Reporting by Michael Shields; Editing by Susan Fenton)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.48% 0.64525 Delayed Quote.2.68%
BRITISH POUND / SWISS FRANC (GBP/CHF) -0.59% 1.11726 Delayed Quote.0.87%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) 0.11% 0.68412 Delayed Quote.1.04%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) 0.46% 0.135354 Delayed Quote.1.18%
DANISH KRONE / SWISS FRANC (DKK/CHF) -0.42% 13.373 Delayed Quote.1.36%
EURO / SWISS FRANC (EUR/CHF) -0.39% 0.99502 Delayed Quote.0.61%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) 0.41% 11.618 Delayed Quote.-1.27%
INDIAN RUPEE / SWISS FRANC (INR/CHF) 0.06% 0.011122 Delayed Quote.0.18%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.67% 0.7096 Delayed Quote.-0.04%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) 0.08% 0.59143 Delayed Quote.0.86%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) 0.08% 0.012971 Delayed Quote.3.06%
SCHWEIZERISCHE NATIONALBANK 0.62% 4850 Delayed Quote.0.63%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) 0.12% 0.6957 Delayed Quote.1.43%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) 0.14% 0.08807 Delayed Quote.-0.96%
US DOLLAR / SWISS FRANC (USD/CHF) 0.45% 0.9113 Delayed Quote.-0.86%
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Financials
Sales 2021 26 682 M 29 181 M 29 181 M
Net income 2021 26 300 M 28 764 M 28 764 M
Net cash 2021 18 424 M 20 150 M 20 150 M
P/E ratio 2021 0,02x
Yield 2021 0,29%
Capitalization 482 M 529 M 527 M
EV / Sales 2020 -1,03x
EV / Sales 2021 -0,67x
Nbr of Employees 869
Free-Float 76,7%
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Managers and Directors
Thomas Jakob Ulrich Jordan Chairman-Governing Board
Barbara Janom Steiner Chairman-Bank Council
Peter Thuring Head-Information Technology
SÚbastien Kraenzlin Director-Banking Operations
Sabine Wey Assistant Director-Compliance