Cash is glowing in New Zealand

Despite the apparent shunning, by the masses, of cash, the amount of cash in circulation has never been higher - and there was plenty of it moving around before the start of the lockdown. 

It has been one of the great contradictions in recent years.

We all hear and talk about how nobody uses cash these days. With all the alternatives, why bother?

The Reserve Bank has been doing a lot of work on the future of cash and is conscious that those who still use cash don't be marginalised.

And clearly some people still do.

The numbers do not lie.

Reserve Bank figures have shown that the amount of cash in circulation keeps going up even as all the talk is about nobody using cash.

Then you throw a pandemic in the mix and, well, things go a bit crazy.

Whether this all drove some people to open 'mattress accounts' by taking out and stashing some hard cash we'll never know. That's not the sort of thing people talk about. But there certainly was a bit of activity in the run-up to New Zealand going into lockdown in late March.

The RBNZ releases annual figures on cash in circulation, based on how much was in circulation as of the last Wednesday in March.

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Go Further

Australia likes cash - 09/11/2020

Why cash is needed - 07/19/2020

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view

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