Currency
Charts
Patchy recycling processes
Less than half of central banks recycle all of their banknotes once they reach the end of their life. A further 9.4% manage to recycle more than half of unfit notes, and 6.3% recycle some but less than 50%. The remaining 43.8% do not recycle any notes. The figure is a slight improvement on the 2020 benchmark, when 48% of central banks said they do not recycle at all.
The breakdown by income groups shows that high income countries are more likely to carry out recycling initiatives. For the full breakdown, use the benchmarking service’s interactive charts to explore the data.
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
Smaller banknote denominations have shorter lifespan
High income central banks produce longer-lasting cash
Middle income central banks see largest volume of counterfeit notes
Foil remains least used security feature for banknote production
Majority of central banks have emergency cash inventory
But few respondents say they have alternative strategies in place
Half of central banks recycle banknotes as sustainability measure
Most currency operations lack climate strategy, but a few plan to launch one
Minority of central banks keep whole cash cycle in-house
Banknote printing remains central banks’ most outsourced function
Currency staff make up 8% of central bank workforce
Institutions with own printworks have larger currency departments
Raised tactile features are most common banknote visual aid
Assistive mobile application offered by just two central banks
Polymer substrates used on one-fifth of banknotes
Data reveals widening adoption in upper-middle income jurisdictions
Average volume of defective banknotes remains above 100m units
Central banks retrieved over $1 billion of mutilated banknotes on average