Currency Benchmarks 2023 report – steady as they go

Data hints cash is slowly changing from payment method to store of value

Central Banking’s Currency Benchmarks 2023 suggest cash is in a slow decline as a means of payment. However, among 17 of the central banks that responded, more than two-fifths of transactions in 2022 were still in cash. Though it is true that cash is used for only a tiny share of payments in a few northern European countries, it remains used for a much larger share of transactions in some developing countries, or even in other parts of Europe.

Read the full report


Patchy recycling processes

Less than half of central banks recycle all of their banknotes once they reach the end of their life. A further 9.4% manage to recycle more than half of unfit notes, and 6.3% recycle some but less than 50%. The remaining 43.8% do not recycle any notes. The figure is a slight improvement on the 2020 benchmark, when 48% of central banks said they do not recycle at all. 

The breakdown by income groups shows that high income countries are more likely to carry out recycling initiatives. For the full breakdown, use the benchmarking service’s interactive charts to explore the data.

Explore interactive charts

Model banks analysis – Currency 2023

Explore key differences between central banks across economy groups

Currency Benchmark Data

Currency data

View the full breakdown of responses to the Currency Benchmarks.

Currency 2023
Currency 2022
Currency 2021
Currency 2020

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