Cash
Norway’s Nicolaisen: central banks must guard against e-money takeover
Private electronic money can bring drawbacks, especially in a crisis, Norges Bank deputy governor warns; central banks need to come up with better options
UK competition authority approves VocaLink sale
Decision clears way for MasterCard to acquire the provider of UK payments infrastructure, after the firms offer concessions
RBA opens new ‘highly secure’ banknote vault
Australian central bank makes first investment in banknote storage and distribution in over a decade; Lowe says public have come to “rely” on “secure and high-quality” banknotes
Danes claim top spot for EU card payments
Danish people use cards more than any other European Union nation, central bank report says, with electronic payments widespread
UK launches new £1 coin
New £1 is the “world’s most secure coin”, mint claims, integrating new security features previously used solely for banknotes; businesses have until October 2017 to recalibrate machines
IMF working paper examines the impact of “de-cashing” on monetary policy
IMF working paper examines the impact of “de-cashing” on monetary policy, claiming transmission would become “easier” and “faster”
RBI research: demonetisation hit growth but helped inclusion
Authors find scrapping high-value notes impacted Indian growth and inflation but pushed many people to open bank accounts and improved policy transmission
Cash is here to stay – SNB’s Zurbrügg
SNB official says reports of cash’s “death” are “exaggerated”; central bank has no plans to stop printing banknotes as its popularity remains
RBI signals end to cash controls
Central bank prepares to lift restrictions on cash withdrawals but shift from “demonetisation” to “remonetisation” is only partially complete
Riksbank’s Skingsley says payments innovation needs balance
Central banks should use combination of “hands on” and “hands off” approaches, and strike a balance between innovation, stability and growth, deputy says
‘Humiliated’ RBI staff urge Patel to resist ‘unwarranted’ government interference
Reserve Bank of India staff send impassioned letter to governor to protect the central bank’s autonomy; finance ministry objects to claims, stating central bank is fully independent
PBoC to investigate bitcoin firms
Bitcoin price falls by 33% in January; PBoC to investigate four largest bitcoin companies
Civil rights activist to appear on new Canadian $10 banknote
Viola Desmond will appear on new C$10 note, to be printed in 2018; Bank of Canada to repeat "bankNOTEable” campaign when seeking candidates for new C$5 note
RBI moves to soak up liquidity generated by cash crisis
Deposits of old banknotes have led to surge in liquidity, which is now showing up as pressure on the bond market
Norway unveils final banknote designs
Banknote designs eschew traditional inclusion of portraits, opting instead for geometric patterns and coastal images
RBI forms task force as cash crisis continues
Authorities find ATMs must be recalibrated to accept new notes, hampering efforts to respond to cash shortages
RBI to force banks to dispense low-denomination notes
Reserve Bank of India says banks must now set a proportion of ATMs to dispense only lower-value notes, after earlier efforts prove inadequate
Payments changing fast but cash still in demand – Riksbank survey
Telephone survey finds cash use declining and mobile payments on the rise, though demand for paper money not likely to disappear any time soon
Book notes: The curse of cash, by Kenneth S Rogoff
A well-written book and sincerely argued, but it is based on weak economic analysis and inadequate economic and political history
Mark Carney: it would ‘make sense’ to get rid of UK penny
“What’s the point of the penny?” – children quiz BoE governor; Carney says as inflation rises, there might be reason to abolish the low-value coin
National Bank of Denmark sells stake in cash-handler BKS
Central bank official says organisation succeeded in ending spate of violent robberies, so there is no longer a need for the National Bank to be involved
Payments revamp should cut costs in Thailand, governor says
In an interview with Central Banking journal, Veerathai Santiprabhob lifts the lid on payment system reforms aimed at strengthening infrastructure and promoting debit card usage
Norges Bank questions contingency plans for cash distribution
Report warns Norwegian banks’ back-up plans “may prove inadequate” in a crisis; both the central bank and financial supervisory authority in communication with the finance ministry
Philippines central bank reveals counterfeiting arrests
Central bank says it was behind four successful anti-counterfeiting operations in Q1; has the legal authority to make arrests and seize property