Cash and Crises

Cash in circulation is growing in Tanzania, alongside significant progress in terms of financial inclusion and the development of mobile money.

Cash remains dominant in Mexico after the Covid-19 pandemic, despite the government’s promotion of digital payments and a boom in fintech solutions, per the latest national survey on financial inclusion.

A groundbreaking EU Council Recommendation calls on member states to allow displaced persons from Ukraine to convert up to 10,000 Hryvnias per person, without charge, at the official exchange rate published by the National Bank of Ukraine.

In Poland, nearly half of all card transactions involve cash withdrawals and cashback operations. During the pandemic, the Polish central bank has defended the consumers’ right to use cash in retail payments.

Cash remains the dominant payment instrument in Poland. In January 2021, currency in circulation grew 39% year on year due to increased precautionary demand. Cash spiked after the Russian invasion of Ukraine in February 2022.

In this fifth episode of the Cash and Crises podcast series, James Shepherd-Barron, sits down with Antti Heinonen, chairman of the Banknote Ethics Initiative and long-time central banker in Finland, to discuss the role central banks play in societies in crisis, including issues such as liquidity management, business continuity and coordination.

Elsewhere on the Web provides weekly updates and links to articles related to cash and money, curated on the web. Last week, the focus was on how the Ukraine war triggered a run on cash in neighbouring countries.

Digital payments surpassed cash in Russia in 2018, and the central bank promoted them during the Covid-19 pandemic. Mobile and card payments operate with glitches since Western countries imposed sanctions following the invasion of Ukraine.

The Cash and Crises podcast series is now available on Spotify and Apple Podcasts. Listen to all episodes at your convenience now!

Currency in circulation grew rapidly in Russia during the Covid-19 pandemic. ATMs declined between 2014 and 2018. Daily cash withdrawals spiked after the invasion of Ukraine.

Torrential rains have wreaked havoc across the eastern coast of Australia. Cash management companies, ATM deployers, and banks mobilised to ensure access to cash in flood-hit areas.

Demand for foreign and domestic cash spiked in Russia after Western nations announced financial sanctions following the invasion of Ukraine. Massive cash withdrawals and runs on savings could trigger a banking panic and cause a financial meltdown.