Currency
Counterfeit notes continued to decline in Europe in 2025
ECB records ‘one of the lowest levels’, though Belgium, Cyprus and Czech Republic see uptick
Bolivian authorities burn cash following plane crash
Central bank revokes legal tender of notes transported via military cargo plane that crashed in El Alto
China acts to slow yuan gains by scrapping FX forward hedge cost
PBoC to remove 20% reserve ratio as it aims for ‘reasonable and balanced’ renminbi
Renminbi options volumes plummet as vol grinds lower
USD/CNH volumes fell 84% in 2025 as PBoC currency management took hold
MAS and HKMA aim to green red envelopes over Lunar New Year
Monetary authorities encourage the giving of used notes or electronic cash gifts to cut waste
BNM selects firms for tokenisation and stablecoin pilots
Malaysian institutions to test wholesale payments and tokenised asset settlement
China says tokenisation illegal under existing framework
PBoC and agencies update 2021 crypto guidelines to place restrictions on real world assets
Kenya warns against ‘cash flower bouquets’
Floral-style gifts made of glued-together banknotes disrupt ATMs and are illegal, says central bank
CBDC or tokenised reserves?
Sayuri Shirai explains why central banks are taking different paths towards the same goal
China’s interest-bearing CBDC a world first, experts say
E-CNY now more integrated with commercial banking, thus solidifying country’s two-tier system
Dollar remains central to Philippines economy, BSP says
Central bank discusses its responses to currency fluctuations and fallout from political scandal
Bulgaria becomes 21st member of the eurozone
Joining currency bloc is a “sign of belonging”, says governor Radev, as peers offer welcome
Renato Gomes on Pix, Drex and digital asset regulation
Brazil’s deputy governor speaks with Christopher Jeffery about pros and pitfalls of open finance, financial inclusion and crime on Pix, and the need to sideline DLT for Drex phase 3
Book notes: Money in crisis, by Ignazio Angeloni and Daniel Gros
This book should be essential reading for policy-makers at a time of uncertainty and technological change
Richard Doornbosch on central banking in a tempestuous climate
The president of the Central Bank of Curaçao and Sint Maarten speaks to Christopher Jeffery about addressing legacy financial scandals, transition to a Caribbean guilder, tapping gold holdings and managing a currency peg at a time of US policy uncertainty
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
The prospects for retail CBDCs
Open instant payments systems offer a quicker route to financial deepening, for now
IIF says China’s CBDC irrelevant to renminbi internationalisation
Economists say yuan’s use for payments growing, though it remains “stagnant” as reserve currency
Nigeria to discourage cash withdrawals and make deposits easier
Central bank says reform package aims to reduce cash usage and tackle money laundering
Taiwan’s Yang says central bank money remains global ‘anchor’
Governor says it is still ‘ultimate settlement asset’, notwithstanding development of tokenisation
Bowman and Hill say stablecoin rules are on their way
FDIC acting chair says regulation to establish application framework should come this month