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Cash Reigns in a Time of COVID-19

Aug. 13, 2020 Share

Think cashless societies are inevitable? Figures show that cash reigns in times of covid-19

While the media would have you believe covid has pushed us closer to a cashless society than ever before, reports are emerging from around the world that nations are finding comfort in cash.

Europe: Cash demand surges in Europe despite coronavirus lockdown

The value of euro banknotes in circulation has increased by the largest amount since the 2008 financial crisis.

United Kingdom: Cash usage increases by two thirds in the UK

Cash withdrawals in the UK have increased by two thirds following the easing of lockdown measures on 4th July 2020, which saw pubs and restaurants re-open across the nation.

Poland: Popularity of cash grows during pandemic

The value of cash in circulation since the beginning of the year has increased by over 27 percent, according to the National Bank of Poland.

Ukraine: Amount Of Cash In Circulation Up 14.4 percent To UAH 486.3 Billion In H1

In the first half of 2020, the volume of cash in circulation increased by 14.4 percent year over year to UAH 486 billion.

Israel: Cash Becomes King Again in Israel During the Coronavirus Pandemic

Israelis are turning to cash, with demand up 15.7 percent in the six months leading up to August, according to Haaretz.

United States: Americans find comfort in cash during the Covid-19 pandemic

The Financial Times, in its piece from 17th July 2020, suggests that Americans are finding comfort in the security of cash during the crisis.

Canada: Cash demand surged in Canada

According to the Bank of Canada’s latest publication, notes in circulation have “increased significantly in March and April 2020 compared with the same two months in the previous five years.”

Mexico: Cash demand soars during pandemic in Mexico

Between December 31, 2019 and April 30, 2020, Mexico saw an unprecedented spike in cash demand. The central bank credited this to the public taking precautions in light of the pandemic.

New Zealand: New Zealand cash circulation increased by $1 billion

Cash in circulation increased by $1 billion dollars ahead of the covid-19 imposed lockdown in New Zealand, demonstrating that Kiwis are far from ready to live in a cashless society.

India: Cash in circulation is up by 10 percent in India

According to The Times of India “currency in circulation has risen to 26.9 lakh crore - a hike of 10 percent - since the lockdown began” since 20th March this year.

Nigeria: Currency in circulation hits N2.39tn

The stock of money in circulation in Nigeria increased by N95.13bn from N2.29tn at the end of June to N2.39tn in July, data from the Central Bank of Nigeria have shown.

Kenya: Money in circulation grows by Ksh.203 billion in four months

Money in supply within the Kenyan economy has defied the shocks of the COVID-19 pandemic expanding by Ksh.203 billion or an equivalent 30.7 per cent.

Global: Why cash has been piling up during the pandemic

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Last Updated: Nov. 6, 2020

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