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Having no high denomination bills is also very problematic. I witnessed it firsthand in Argentina until very recently, and in Venezuela and other hyper-inflati
by GFischer 11y ago
Having no high denomination bills is also very problematic.
I witnessed it firsthand in Argentina until very recently, and in Venezuela and other hyper-inflation countries it's still a huge burden.
Spanish-language links:
http://www.elpais.com.uy/economia/noticias/argentina-reclaman-billete-mas-que.html http://www.elpais.com.uy/economia/noticias/argentina-reclama...
Translated quote: "Not having higher denomination bills leads to very high costs in transportation and storage because of the large volumes handled and because bills don't fit in small safes."
Other curious facts: Singapore has a 10.000 dollar bill (U$ 7.500), and Switzerland has a 1000 CHF bill (U$ 1070).
However, the Singapore bill won't be printed anymore, for the same issues (money laundering concerns).
http://www.out-law.com/en/articles/2014/july/singapore-to-stop-issuing-10000-dollar-notes-to-combat-financial-crime/ http://www.out-law.com/en/articles/2014/july/singapore-to-st...
- jpatokal 11y agoRandom aside, but: I was once next in line at a bank in Singapore, and I watched the lady in front of me withdraw around 10 x $10,000 bills in cash. (They're golden yellow and very distinctive: http://www.singaporemint.com/images/facts/port10000.gif http://www.singaporemint.com/images/facts/port10000.gif) She counted them carefully, then she put them in her purse and walked away. Now Singapore's a pretty safe place to be, but how many other people watching were tempted to follow her and see if they could get their hands on US$75,000, in cool, untraceable cash at that?
- bryanlarsen 11y agoJapan has similar behaviour. For example, it's common practice to pay cash for new cars. (Or at least it used to be not very long ago).