Crisis

Cash and Crises, a series of financial literacy video series by CashEssentials releases its fifth episode with a social mission to support the relief and development community in understanding how cash is managed for society in times of crisis.

The economic fallout of the pandemic is still in its very early stages, but the visible signs are spectacular: some industries have grinded to a complete halt; unemployment has risen massively; transaction volumes have dropped as consumers are increasingly in lockdown. So far, the impact on cash demand varies significantly from country to country.

As the coronavirus pandemic spreads, several central banks have now made strong statements emphasizing the importance of cash in this crisis.

Delivering things that people need on the ground simply doesn’t help disaster-struck communities as much as giving them money to buy what they need. If you want to help after the Nashville tornadoes, give cash, not clothing and other stuff.

Digital payments are gaining traction in the Philippines and the central bank is promoting digital payments to further inclusive economic growth. Cash is growing fast, providing an infrastructure that is both inclusive and resilient to crises, a strong priority for this disaster-prone country.

Cash and Crises, a series of financial literacy audiographics by CashEssentials releases its fourth episode with a social mission to support the relief and development community in understanding how cash is managed for society in times of crisis.

Sweden is distributing a "prepare for war" pamphlet to all households out of fear of rising tensions with Russia. It recommends that all citizens be prepared by having enough non-perishable foodstuff, water, warm clothing and cash.

Maduro's plan to launch a Venezuelan cryptocurrency was rebuffed by Parliament who considers it to be a scheme to nurture corruption and evade sanctions.

Statistics indicate that cash is not only used as a tool of exchange but also as a store of value, especially since the 2008 financial crisis.

Cash is probably the most useful tools during a natural disaster: and banks know it. After Hurricane Harvey struck, local branches announced the imminent deployment of mobile banking branches as well as waived ATM and other fees.

As cash gets more and more attention from international humanitarian agencies, the OECD has decided to put its stamp of approval on the innovative form of assistance by publishing a guide on cash-based humanitarian response planning.

Italian Cash Management Company Mondialpol presented the design of a mobile cash centre, which could rapidly be set up in case of a natural disaster or a crisis.