Cash
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
Antti Heinonen says cash is still relevant in modern society
Former ECB head of banknotes says cash is still evolving to keep pace with new payments technology, and banknote designs are staying ahead of counterfeiters
Solomon Islands urged to include renminbi in exchange rate basket by IMF staff
IMF staff suggest changes to exchange rate regime; Solomon Island authorities will consider expanding basket, but reject suggestion of using cash reserve ratio to mop up excess liquidity
Riksbank flags concerns over pace of development in payments
Tech development proceeding ‘too rapidly’, says central bank; evolution of payments could jeopardise access
Innovative print techniques are key for new Georgian banknotes
National Bank of Georgia launches two denominations from first new series for 20 years; dedicated website accompanies the launch
DNB director targets better measurement of inclusion
Frank Elderson emphasises the benefits of financial inclusion and says central bank will put forward proposals for financial inclusion index later this week
BoE says cash unlikely to ‘die out’
An article in the Bank of England's quarterly bulletin illustrates the continuing use of cash in the UK, despite the introduction of new payment technologies over the last decade
Maltese not ‘aggressive’ in restructuring assets in 2014
Financial Stability Report indicates core domestic banks re-balanced assets to boost returns but were not aggressive in their approach
US Treasury: woman will appear on new $10 banknote
More than a century after Martha Washington was featured on a $1 note, Treasury secretary Jack Lew announces he will pick another woman to feature on the $10 note
Ireland to phase out one- and two-cent coins
Central bank will lead project that will see cash payments rounded to discourage use of low-value coins; decision follows successful trial in 2013
Zimbabwe pulls local currency from circulation
Locals will be able to exchange their Zimbabwean dollars for US dollars until September 30; any amount up to Z$175 quadrillion in their bank accounts will be swapped for a flat $5
ECCB sees sense in scrapping cents
Eastern Caribbean Central Bank insists ‘everyone will benefit from the withdrawal’ of one and two cent coins from July, as they are expensive to produce and carry very little purchasing power
Nigerian central bankers accused of banknote ‘mega scam’
Six accused of taking more than $25 million worth of old banknotes that were meant to be destroyed; Economic and Financial Crime Commission says they will ‘face the wrath of the law’
ECB’s Cœuré says higher inflation target not solution to zero lower bound
Benoît Cœuré says raising the inflation target or abolishing the currency is not the right way to make monetary policy more effective; structural reforms a better use of political capital
Bank of Spain remodels in light of SSM
Executive commission approves a new structure for bank resolution and regulation, as well as changes to the central bank’s cash management functions
Counterfeiting rate ‘extremely low’ for Canadian polymer notes
Bank of Canada’s polymer series now comprises 75% of the banknotes in circulation, and is subject to a counterfeiting rate of just 0.56 parts per million
Central Bank of Nigeria defends reintroduction of fees on ATM withdrawals
Bank says reintroduction of fee will hinder abuse of expensive ATMs and promote its cash-less policy; fee was abolished in 2012 to encourage use of ATMs