Tracking the changing cash cycle: a global analysis
Antti Heinonen highlights sharp declines in note-return frequency and destruction rates
In an environment of accelerating innovations in digital payments and significant investments all around in the development of central bank digital currency, one easily gets the impression that cash is decreasing globally. Actually, cash in circulation increased in the case of 85% of currencies in 2024. However, this is not the whole story.
The value of cash in circulation might have been a good indicator when it correlated strongly with the transactional use of cash. However, today cash is
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