Federal Council wishes to eliminate exchange deadline for old banknote series
Bern, 05.04.2017 - During its meeting on 5 April 2017, the Federal Council addressed the exchange deadline for old banknote series. In agreement with the Swiss National Bank (SNB), it is proposing the elimination of this deadline. The Federal Department of Finance (FDF) has been instructed to prepare a consultation draft with the necessary legislative amendments by the end of August 2017.
Once the SNB brings a new series of banknotes into circulation, it can recall the banknotes from the previous series. The recalled banknotes then cease to be legal tender, but they can be exchanged at the SNB for a period of 20 years.
Based on an interpellation from National Councillor Manuel Tornare (16.3323), the FDF and SNB have reviewed the current practice and are requesting the elimination of the exchange deadline. This will prevent a situation where people find themselves with banknotes that have suddenly lost their value. Switzerland is thus adapting to the customary practice in the main industrialised nations.
Address for enquiries
Philipp Rohr, Communications, Federal Finance Administration FFA
Tel. +41 58 465 16 06, kommunikation@efv.admin.ch
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html
