Today has been an extraordinary day with President Obama’s historic speech in Havana coinciding with a very tragic terror attack in Brussels. Sadly for many, terror has become part of the new normal and markets are hardly moved. A little bit more in the background though, is another topic that is slowly gaining momentum: Cash
Bloomberg reported yesterday that demand for 1,000 Swiss franc notes, Switzerland’s most valuable banknote, is at an all time high. This comes after a report last week that Munich Re, will store at least EUR 10mio in two currencies so it won’t have to pay for the right to access the money at short notice – meaning to avoid paying negative interest. The ECB (European Central Bank) recently cut the rate on its deposit facility to -0.4% from -0.3%.