Physical currency is still necessary and relevant, says BNM deputy

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Deputy governor: physical currency is still necessary and relevant

Physical currency is still “necessary and relevant” and “a key branding tool” of central banks, said Abdul Rasheed Ghaffour, deputy governor of Bank Negara Malaysia.

Speaking in Kuala Lumpur on May 15, the deputy governor said physical cash has been a “powerful instrument” for central banks, as it provides a direct and tangible link to the people. Central banks can also build trust and credibility with the public via note printing.

“If we were to go completely cashless, central banks might los