UPDATE 1-SNB says it can't impose a fee on banknotes amid signs of hoarding

April 24, 2015 1:21 PM

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BERNE, April 24 (Reuters) - The Swiss National Bank said on Friday it had no plan to do away with cash, nor any power to impose a fee on paper currency, amid signs that large-denomination banknotes are being hoarded as a means to avoid negative interest rates on bank deposits.

Nearly two-thirds of the Swiss banknotes in circulation on average last year were 1,000-franc notes, the SNB said, each worth about $1,050 or 970 euros at current rates.

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