Demand for cash in turbulent times

Antti Heinonen analyses trends in cash use as Covid fades, but new shocks take its place

Cash machine

The last couple of years have been dramatic for the global economy and for society in general. The use of and demand for cash haven’t been immune to these turbulences. During the first phase of the Covid-19 pandemic, cash usage at point of sale declined significantly due to lockdowns and a surge in online shopping, however, paradoxically the demand for banknotes in 2020 reached record growth rates. When the pandemic eased its grip towards the end of 2021 and a kind of return to normal was

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