BoE needs ‘better handle’ on control of UK currency

Bank of England notes

A UK parliamentary committee says the Bank of England needs to get a “better handle” on its cash management on account of billions of ‘missing’ banknotes.

A report published by the Public Accounts Committee on December 4 claims the BoE cannot provide “convincing reasons” for why demand for banknotes keeps increasing. Nor does it know precisely what its current stock of banknotes is being used for, the public spending watchdog says.

The BoE estimates 20–24% of issued banknotes are used or held

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