According to the World Cash Report, currency in circulation (CIC) rose by 62% across South America from 2011 to 2016. CIC measures the total amount of cash held by the public, including businesses, banks and consumers.
Excerpt from report
"Over the course of the past 5 years, currency in circulation (local currency) has increased by an impressive average of 61.9% in absolute value in studied South American countries. All countries reported double-digit growth of close to or well over 30%, with Argentina reporting 150% growth over this period. In relation to each country’s GDP, the growth is less significant, as most countries also report strong growth in GDP. However, the growth in the Currency in Circulation ratio versus GDP is positive for most countries." (G4S 2018, p. 97)