Currency in circulation (CIC) is often the first data point that is referred to when considering where cash is going and the health of cash systems. And on this measure, there are positive signs across many Asian markets. In an initial sample of eight economies, CIC grew between 45% and 349% over the period 2016 to 2024. In these markets, all have seen CIC grow in every year except Malaysia (0.2% decline in 2022, otherwise growth) and Australia (1.6% decline in 2023, current CIC is at an all-time high).

Issue data tells us how many new notes and coins the issuing authority is putting into circulation. Issue data is an indicator for suppliers about how much cash central banks are using. It also gives us an indication of economic activity, which is often looked at alongside indicators of general economic activity. Issue data is not usually published by issuing authorities.

Economists, including those at central banks, and academics track, analyse and use cash in circulation (CIC) data extensively. What does it tell them and is it really useful for ‘cash stakeholders’ (anybody working to provide, manage and circulate cash)?

An excellent session at the Global Currency Forum saw Joash Rono (Central Bank of Kenya), Alberto Torfer (Bank of Mexico), Anwar Bashori (Bank Indonesia – BI), Firat Emre Karakas (Central Bank of Türkiye – CBRT) and Faisal I Algosar (Saudi Arabian Monetary Authority) give the perspective of some high volume economies, a very different set of priorities from other presentations.

The CPT Group has published a comparative analysis of recent consumer payments surveys from Switzerland, Australia, and Jamaica, drawing some striking parallels despite the three countries' very different payment landscapes.

David Fagleman from Enryo, a financial services consultancy1, published an article in Finextra about a surprising shift in the UK payment landscape, a digital slowdown2. A number of countries have reported a stabilisation in cash usage, the most recent being Canada in its 2024 Methods of Payment Survey3, suggesting that there is a ‘bottom’ for cash usage.

The volume of cash in circulation in Armenia is continuing to increase despite the developments and rapid growth of non-cash payment methods. In connection with the above, the effective organisation of cash circulation is becoming a primary issue.

60 people met in Jakarta at the end of September last year for a summit by the Asian Cash Management Association (ACMA). They came from a range of stakeholders across cash cycles in the region, including central banks, Cash Management Companies (CMCs) and commercial banks.

In March, the Board of Governors of the Federal Reserve System published an International Finance Discussion Paper on the demand for US banknotes at home and abroad , an important question given that the US dollar is used as a medium of exchange and store of value outside its own borders far more than any other currency.

Regional conflicts, rampant inflation, national debt crises, and the resurgence of monetary sovereignty are all contributing to the reshaping of the world’s currencies.