According to a study from the Desjardins Credit Union, from Quebec, Canadians are holding more cash than before. Cash in circulation represents 3.8% of GDP up from 3.3% in 2008.
The study also suggests Canada should phase out the five cent coin within five years as its purchasing power declines due to inflation. As a consequence, the quarter should also be dropped in favour of a new mix of denominations with 10, 20 and 50 cent coins. The study does not recommend switching the five-dollar bill to a coin.
To view the original article, click here.