Cash in circulation to remain elevated, Bank of Canada research says

Canadian dollar notes
KMR Photography

The value of Canadian banknotes in circulation is likely to remain elevated despite the easing of pandemic restrictions, Bank of Canada research finds.

Cash in circulation increased from C$83 billion ($65.6 billion) before the Covid-19 pandemic to more than C$96 billion in September 2020, says a working paper.

Using data from the country’s banknote distribution system and two public surveys, Heng Chen et al analyse how the Covid-19 pandemic affected demand and usage of cash between March and

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