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The total amount of money currently in blood circulation has already reached $A94 billion, growing by $A11 billion through the pandemic.
RBA Governor Philip Lowe told a committee that is parliamentary individuals be seemingly attempting to keep additional real cash in the home. Meanwhile, Deloitte noted low interest surroundings put into the want to store real cash, fuelled by concern about receion.
Therefore big had been interest in money through the pandemic, the RBA started its “contingency” circulation site twice – when in March and when in- to send $A50 and $A100 notes to banks who requested them july. In the exact same time, banks held back on going back poor-quality records towards the RBA in the event these were required. The worthiness of money in circulation – determined due to the fact worth of notes iued in exce of these came back – soared 13 % per cent during 2020 in accordance with the RBA.
The worthiness of money
All this work begs issue: then why do some people still hold onto it if data show use of cash in transactions is declining rapidly?
During the early 2020, ANZ commiioned overview of cash logistic programs globally which highlighted the valued and unique characteristics of money.
A few of these attributes included 100 % accessibility and dependability, anonymity and direct settlement with no need for the technical infrastructure. Continue reading “Click image to zoom Tap image to zoom”