Cash and Crises

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.

Ukrainians’ demand for cash has spiked during the Russian invasion. The National Bank of Ukraine moved to secure the cash supply and encouraged civilians to make cashless payments.

Cash remains the most widely used payment instrument in Ukraine. The country's central bank has promoted cashless payments during the Covid-19 pandemic and the Russian invasion, despite their vulnerabilities in times of crisis.

Currency in circulation in Ukraine grew 31.4% in 2020, during the Covid-19 pandemic. Cash withdrawals increased in 2021, alongside Russia's military buildup. A recent cyberattack spread fake rumors about ATM malfunctions.

In the fourth episode of the Cash and Crises podcast series, James Shepherd-Barron sits down with Alan Boaden, former Head of Currency at the Reserve Bank of New Zealand, to discuss the resilience of cash in times of crisis and what central banks can do to support disaster response and recovery efforts.

Tensions between Russia and the West raise the likelihood that Russian-sponsored cyber attacks cripple Ukraine's computer systems, including payment networks.

The role cash plays in society is viewed very differently in a Lebanese refugee camp than in a London coffee-shop. Despite the inroads made by a policy of digital ‘financial inclusion’, at least half the world’s adult population have little option but to rely on cash for their survival in times of crisis.