Seigniorage is, and has always been, an integral component of the central bank balance sheet in emerging market economies (EMEs) and low-income countries (LICs). Seigniorage accrues to a central bank when it trades its monetary asset for non-monetary assets (for example, Treasury bonds), and profits from the difference between the interest on the bonds and what it pays to produce money. Seigniorage stems from a flow (annual profits) and a stock (the cumulative monetary asset or cash, printed)