Few central banks use big data tools to forecast currency demand

Forecasting is very common, while few expect big changes in currency needs for 2023

Almost all of the central banks in the Currency Benchmarks 2022 forecast future public demand for currency. Thirty-two of the central banks in the sample undertake currency forecasting. However, of these, only six used big data tools to make their projections (one did not answer).

Of the 32 respondents that said they forecast demand, 18 provided figures for projected cash demand for 2023. On average, these 18 central banks expected an increase of about one-sixth in demand for banknotes.

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