Articles by Central Banking staff
Economics department staff total just over 70 on average
Average number of research economists remains smaller than policy economists
Economics Benchmarks 2023 Charts
Take a deep dive into the Economics Benchmarks charts, which have just been released for 2023.
AI adoption still limited among central bank economists
High income countries report slightly higher impact but most say practical use of AI is minimal
US-China trade is falling, Fed researchers find
Fall driven by advanced technology trade, but other US allies are not following suit, paper finds
Middle income countries recall highest volume of worn banknotes
High income jurisdictions remove notes with the highest average value
Banknote recycling remains limited at most central banks
Just a few institutions track carbon footprints of banknotes
Banknotes rarely portray current monarchs or presidents
Central banks favour other historical figures, but few institutions feature people from minority groups
Covid-19 impact on cash demand minimal in past year
Majority of currency departments relax pandemic countermeasures
Central banks tend to outsource banknote printing
De La Rue is most commonly used printer among respondents
Most central banks forecast currency demand over 1–3 years
Minority of institutions use big data for forecasting purposes
Fewer than 100 staff work in currency divisions on average
Duties including upholding Covid-19 countermeasures in some jurisdictions
Average value of counterfeit banknotes rises
UV ink the most common security tool used in battle against fake banknotes
Polymer adoption stalls in 2023
Only two benchmark respondents have concrete plans to change substrate
Central banks maintain average of four cash centres
Figure has remained stable for the last five years
Slightly more central banks have access-to-cash policies
Almost two-thirds of respondents have access policies and nearly half minimum service rules
Majority of central banks maintain currency denominations
Only a few countries removed denominations from active circulation in past five years
Visual aids nearly universal on banknotes
Majority of respondents use four or five features on their paper currency
Currency Benchmarks 2023 charts
Take a deep dive into the Currency Benchmarks charts, which have just been released for 2023.
Central banks report increase in value of banknotes in circulation
Average volume of notes declines by 2.9% year on year
Central banks report continued fall in cash usage
Share of cash payments remains high in upper-middle income jurisdictions, but falls marginally overall
Reserve Benchmarks 2023 – executive summary
Key findings of the 2023 benchmark, including coverage ratios, strategies to tackle high inflation, new trends in asset diversification, geopolitical risks and external managers
Commercial real estate poses financial stability risks – research
Researchers say current strength of commercial real estate loans may not persist
Over 15% of reserve managers plan diversification changes
Close to 14% of participants will increase diversification, while 17.2% are discussing changes
Fewer central banks added new reserve assets in 2023
Overall, 10.3% of institutions diversified their asset allocation, down from 18.6% last year