Cash for a very rainy, tremorous or lava-filled day
Are central banks well-positioned to keep cash flowing during natural disasters?
Natural disasters temporarily reverse the evolution of modern payments. In normal times, consumers increasingly gravitate towards digital payments for speed and convenience. But when power and telecommunications fail, transportation becomes difficult and institutions struggle to operate, people return to analog solutions because they work – at least in the short term – without these networks.
As a result, natural disasters always induce increased demands for cash, according to James Shepherd
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