Does the Number of Banknotes in Circulation Already Exceed 900 Billion?
Antti Heinonen
June 10, 2025
Estimating the number of banknotes in circulation globally is a significant challenge. Some countries do not publish the data while others only do so irregularly. Furthermore, central banks follow different practices with regard to the inclusion of lost, destroyed or unredeemed notes. The biggest discrepancies result from the inclusion or not of certain denominations such as older, unused or withdrawn denominations. The study concludes that there are significantly more than 900 billion banknotes in circulation worldwide, significantly more than the 550 billion cited in various industry papers.
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A Global Update on Cash Demand in Turbulent Times: Part II
Antti Heinonen
November 09, 2022
After record growth in 2020, global demand for banknotes has returned to a normal situation. More recently, rising inflation and increasing interest rates have been negatively impacting cash balances. More concerning is the decreasing transactional use of cash, which puts pressure on the cash infrastructure. The cash community should make the case that cash is part of a critical public infrastructure, the maintenance and development of which should be financed accordingly.
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A Global Update on Cash Demand in Turbulent Times: Part I
Antti Heinonen
October 21, 2022
In 2021, global cash demand returned to a normal pre-covid distribution, which is quite remarkable after the exceptional growth in 2020. Looking forward, demand will be influenced negatively by rising interest rates and positively by geopolitical tensions. More than ever, a well-functioning cash infrastructure is essential to meet volatile demand.
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