The long-term impact of Covid-19 on banknote demand

Cash usage assumptions challenged at a time when central banks make limited use of longer-term forecasts


In November 2020, the Bank of England determined that the risk of banknotes transmitting the Covid-19 virus was low. But it noted the coronavirus pandemic was likely to have long-term effects on cash usage.

Since the start of the year, there has been a significant fall in cash withdrawn from ATMs in the UK; both the volume and value of cash withdrawn from the ATM network overseen by Link were approximately 60% lower in late March than for the similar period in 2019.

As national lockdown

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