Currency Benchmarks 2023 report – steady as they go
Data hints cash is slowly changing from payment method to store of value
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Central Banking’s Currency Benchmarks 2023 shows patterns of gradual change in currency use and operations have continued. Trends towards a declining use of cash in payments inch forward, though analogue payments retain a large share of the market.
Some trends – such as the transition from textile to polymer substrates or banknote recycling efforts – seem to have stalled, though this may be partly due to difference between samples between
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More on Currency
Currency Benchmarks 2023 – model banks analysis
Data reveals how advanced and emerging market central banks structure their currency operations
Middle income countries recall highest volume of worn banknotes
High income jurisdictions remove notes with the highest average value
Banknote recycling remains limited at most central banks
Just a few institutions track carbon footprints of banknotes
Banknotes rarely portray current monarchs or presidents
Central banks favour other historical figures, but few institutions feature people from minority groups
Covid-19 impact on cash demand minimal in past year
Majority of currency departments relax pandemic countermeasures
Central banks tend to outsource banknote printing
De La Rue is most commonly used printer among respondents
Most central banks forecast currency demand over 1–3 years
Minority of institutions use big data for forecasting purposes
Fewer than 100 staff work in currency divisions on average
Duties including upholding Covid-19 countermeasures in some jurisdictions
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