In 2020, Cash has grown (a lot)

In 2020, Cash has grown (a lot)
Despite movement restrictions and rapid acceleration in e-commerce and online spending in 2020, cash remained the most prevalent medium of payment in the year, which saw an annual growth of 14.3 per cent, the highest increase in currency in circulation in the last 10 years.

“At the end of 2020, there was approximately RM130.4 billion worth of banknotes and coins in circulation, with an annual growth rate of 14.3 per cent. This was the highest increase in currency in circulation (CIC) in the last 10 years,” Bank Negara Malaysia (BNM) announced today.

In 2019, the CIC was 7.3 per cent, while it averaged at 8.9 per cent in the last 10 years.

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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.

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