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BERN, June 23 (Reuters) - Billions in cash stashed away at home by people in Switzerland has no influence on the Swiss National Bank’s monetary policy, alternate governing board member Dewet Moser said on Wednesday. This money “does not affect the monetary policy, based on the use of interest rates or our readiness to intervene in the currency markets”, Moser said at event to unveil the SNB’s latest study on payment methods in Switzerland.
Some 12% of all Swiss banknotes in circulation are kept by people at home as stores of value, according to the study.
As part of its expansive monetary policy the SNB charges commercial banks a negative interest rate of 0.75% on sight deposits, which is now being passed on to some consumers.
Switzerland’s UBS has said it will start charging negative interest rates on clients holding more than 250,000 francs or euros in cash from July, while rival Credit Suisse charges client on cash of more than 2 million Swiss francs.
Still, Moser said there were no indications that negative rates were leading to money hoarding by people wishing to avoid the charge.
“We have no indications from the results of our survey that negative interest rates play a role in the demand for cash,” he said. (Reporting by John Revill; Editing by Michael Shields)