Currency in circulation (CIC) rose by 40% across Africa from 2011 to 2016 (G4S, 2018)
According to the World Cash Report, currency in circulation (CIC) rose by 40% across Africa from 2011 to 2016. CIC measures the total amount of cash held by the public, including businesses, banks and consumers.
Excerpt from report
"Currency in Circulation rose an average of 39.8% in local currency across the reported countries during 2011-2016. This is in line with global growth rates. One notable exception is South Africa where the absolute value of Currency in Circulation (local currency) dropped by 37.6% over the 2012-2016 period. However, this decline is not consistent, as some years (2012, 2014, and to a lesser extent 2016) showed increases. This is also reflected when looking at the ratio of Currency in Circulation versus GDP (local currency)." (G4S 2018, p. 35)