RBA opened banknote contingency site during pandemic

Australian dollars in a vice

The value of banknotes in circulation as a proportion of GDP in Australia reached a historic high in the year to February 2021, the Reserve Bank of Australia said.

The RBA opened its banknote contingency site during the Covid-19 pandemic to ease pressure on its wholesale banknote distribution system.

Banknotes in circulation grew 17.1% over the year to February 2021, the RBA said in its quarterly bulletin, published on March 18. The total value reached A$97.3 billion ($75.2 billion), or 4.9%

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