Stay tuned with CashEssentials news ! - beyond payments
By subscribing, you accept our Privacy Policy.
×
×

Cash News – December 31, 2024 – January 31, 2025

Categories : Cash connects people, Cash is a symbol of national sovereignty, Cash is the first step of financial inclusion
February 5, 2025
Tags : Bulgaria, Cash demand, India, Mozambique, United Kingdom
Elsewhere on the Web provides updates and links to articles related to cash, money and payments curated on the web. This month, Bulgaria and Mozambique see cash in circulation increase whereas the in UK cash usage rebounds as shoppers use it to help them budget. India is halting its move towards a cashless society to embrace financial inclusion for all.
Guillaume Lepecq

Chair, CashEssentials

🇲🇿 🇧🇬 🇬🇧 The amount of cash circulating in Mozambique increased by 10% since the beginning of 2024. On June 16 2024, Mozambique introduced a new series of metical notes and coins, which will gradually replace those in circulation since 2006.

Cash in circulation in Bulgaria increased by 5.5% (BGN 1.616 billion) in 2024. By comparison, in 2023, money in circulation increased by 7.4%, or BGN 2.036 billion.

In the UK, cash use rose for the third year running in 2024, as shoppers use it to help them budget reports the Guardian. The Post Office revealed that £1bn had been withdrawn in cash at post offices in December – the first time on record that this has happened in a single month.

🇮🇳 An excellent article in Eurasia Review by Vijay Kidambi reveals how India appears to have halted its move towards a cashless society—a positive development for the vast majority of the population and its growing economy. “But how can trust be fully restored in its currency? A political commitment to safeguarding physical currency is one thing, but technical and technological measures are also essential to thwart counterfeiters, which have been targeting the country given its growing stature in the global economy. This threat can be countered through an innovation capacity notably fuelled by companies specialized in currency production.” argues Kidambi

“India is redefining its approach to financial systems by shifting away from an exclusively cashless policy, because it was realised that financial inclusion cannot be achieved in a fully digitalised economy.” adds Kidambi. In a 2021 speech, former Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted that “financial inclusion is a key driver of sustained and balanced economic growth which helps reduce income inequality and poverty.” His statement underscores the necessity of accessible financial services, including cash, for comprehensive economic participation. While digital payments surged in the wake of demonetisation and subsequent government initiatives, this renewed focus on physical currency holds profound implications for the country’s economy and its people. For a nation often described as a “state-continent,” this decision reflects both practicality and inclusivity, addressing the needs of its diverse population while securing economic stability.

 

Read more https://cashessentials.org/elsewhere-on-the-web/

Related