Latest benchmarking
Currency Benchmarks 2024 report – securing cash payments
Data from the Currency Benchmarks 2024 suggests consumers around the world are continuing to turn away from cash payments in favour of electronic alternatives. Overall, cash values and volumes are still on the rise, up 8.6% and 2%, respectively, in the jurisdictions that supplied data in 2023 and 2024. But as many jurisdictions see a decline in transactional use, a large proportion are adopting policies to safeguard cash use. More report having plans to adopt such policies in the future.
Two-thirds of central banks forecast policy rate in main models
But relatively few make their rate forecasts public
Economists’ median salary falls below $30,000 a year
Annual budget of economics departments averages under $1 million
Benchmarking
Policy economists outnumber research colleagues
Economics FTE staff make up 4% of central banks’ overall employees, on average
Economics teams tend to be tailored by institution
But hub and spoke model is prevalent among high income respondents
Inter-bank working groups
Facilitating connections between central bankers across the globe to promote the exchange of expertise and support collaboration.
Upcoming meetings include: Cyber risk management, social media in communications and upgrading forecast models.
Model banks
How (not) to review your monetary policy framework
Monetary Policy Benchmarks 2024 – model banks analysis
Monetary Policy Benchmarks 2024 – executive summary
Monetary Policy Benchmarks 2024 report – back to normality?
Quarter of central banks use tiered reserves remuneration
Minutes released with greatest lag in lower-middle income countries
Money-supply targetters account for lowest frequency of policy meetings
Middle income monetary policy staff salaries fall behind peers
MPCs largest in inflation-targeting central banks
Monetary policy budget averages under $2 million annually
Briefing, analysis and research are monetary policy officials’ top duties
Half of central banks use forecast errors to assess policy impact
Charts
Reserve managers’ goals for working with external managers
Central banks report different reasons for hiring external managers depending on the size of their reserves. Those with larger reserves holdings are more likely to use external managers for adopting new asset classes and gaining market intelligence. Those with smaller reserves are more likely to seek staff training.
For the full breakdown, use the benchmarking service’s interactive charts to explore the data.
Reports
Currency Benchmarks 2024 report – securing cash payments
Reserve Benchmarks 2024 report – the challenge of diversification
Financial Stability Benchmarks 2024 report – seeking sounder banks
Monetary Policy Benchmarks 2024 report – back to normality?
Payments Benchmarks 2024 report – towards tokenisation
Communications Benchmarks 2024 report – emerging trends
Governance Benchmarks 2024 report – central banks’ core processes
Fintech Benchmarks 2024 report – the promise and threat of AI
Risk Management Benchmarks 2024 report – tech and turbulence
Economics Benchmarks 2023 report – tentative steps on AI
Currency Benchmarks 2023 report – steady as they go
Reserve Benchmarks 2023 report – rebuilding buffers
Benchmarks
Communications
Currency
Economics
Financial Stability
Fintech
Governance
Monetary Policy
Payments
Reserves
Risk Management
Currency Benchmarks 2024 – executive summary
Data sheds light on banknote design features, access to cash policies and cash cycle management
Most central banks forecast cash demand over one to three years
Median central bank expects 5% increase in cash in circulation in 2024
G+D dominates central bank note sorting
Giesecke+Devriant’s BPS M7 machine is very widely used among central banks
Nearly half of central banks have access to cash policy
High income countries slightly more likely to maintain access to cash policies