Currency
Currency Benchmarks 2024 report – securing cash payments
As transactional cash use falls, many central banks are adopting policies to safeguard cash access
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.
Charts
Securing cash access
A sizeable share of central banks that responded to the Currency Benchmarks 2024 have an access to cash policy (46.9%), designed to ensure most people who want to pay with cash can do so conveniently. In many cases this is backed by related initiatives – 43.8% of central banks set minimum levels of cash service at commercial banks, and 54.3% mandate retailers to accept cash.
Not all central banks are seeing a decline in cash, so some report that an access to cash policy is not needed at present. Others are in the process of developing a policy. For the full breakdown of the data, explore the benchmarking service’s interactive charts.
Model banks analysis – Currency 2023
Explore key differences between central banks across economy groups
Currency data
View the full breakdown of responses to the Currency Benchmarks.
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Currency Benchmarks 2024 – executive summary
Data sheds light on banknote design features, access to cash policies and cash cycle management
Currency Benchmarks 2024 report – securing cash payments
As transactional cash use falls, many central banks are adopting policies to safeguard cash access
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