The UK could adopt a “utility” cash distribution model similar to that deployed in some Nordic countries, according to the Bank of England’s chief cashier, Sarah John.
Speaking in Dubai today (April 8), John evaluated the UK’s cash landscape and concluded the current system needed to evolve to cope with less cash being used as a means of payment.
“Declining cash volumes mean that we are starting to see excess capacity in the system, which is inefficient,” she said. In such an environment,
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