Cash in circulation

A detailed study reveals a stunning truth: the global volume of banknotes in circulation has nearly tripled over the past two decades. This article takes you on a fascinating journey through the evolving landscape of currency denominations, from 2004 to 2024. By meticulously estimating the actual number of banknotes in circulation, the research uncovers the hidden factors driving this unexpected surge.

Global banknote demand is rebounding post-pandemic, returning to pre-2020 trends. The introduction of new high-denomination notes has slowed, yet cash remains vital as a store of value. Cash infrastructure must adapt to declining transactional use and rising precautionary demand.