Germany: Central Bank Establishes National Cash Forum

The National CashMoney in physical form such as banknotes and coins. More Forum was established in Berlin on 16 February at the initiative of the Deutsche Bundesbank. The banking industry associations, retail trade, consumer protection, the CIT industry, vending machine operators, and the Bundesbank will jointly develop solutions to current cash managementManagement and control of cash in circulation. More issues.

The objective of the National Cash Forum is to preserve cash as an efficient and widely used means of paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More in a changing payment landscape, said Burkhard Balz, the Bundesbank Executive Board member responsible for cash and Chair of the National Cash Forum.

The Bundesbank is the largest issuer of euroThe name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. More banknotes in the EurosystemThe Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More and, together with many stakeholders, ensures the supply of cash in Germany. Given the large number of stakeholders involved, I believe that a regular dialogue on cash makes sense. The future availability of cash and its acceptance is one of the main questions on our minds, Balz said. He added that the cash forum would also study the topics of efficiency, sustainability, security and digitalisation. Emergency and crisis preparedness, as well as cross-border cooperation in the field of cash, would also be important topics.

Although the use of cash at the point of sale is declining, 93% of respondents to a representative survey as part of the Bundesbank’s latest study, “Cash of the Future,” indicated that they would prefer to decide whether to pay in cash. In the new forum, we can lend a strong voice to cash and help make it easy and safeSecure container for storing money and valuables, with high resistance to breaking and entering. More for the public to pay with banknotes and coins, Balz said.

The forum is scheduled to meet in a plenary session at least once a year. The next meeting is scheduled for autumn. The expert work will occur in working groups, creating the basis for discussions, recommended actions, and decisions within the forum.

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