Demand for cash under uncertainty: a global update

Antti Heinonen explores data showing surges in cash demand during periods of uncertainty

Cash machine

So-called normal times ended in many respects more than three years ago, in early 2020. Since then, developments have been characterised by growing uncertainty, first by the Covid-19 pandemic and disruption of global supply chains, and then by the geopolitical tensions created by Russia’s attack on Ukraine and an inflation of food and energy prices. Besides several other consequences, these events have had a great impact on the use of and demand for cash.

Developments in banknote circulation

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