Cleland outlines uncertainty of future cash demand
BoE chief cashier says people will eventually move away from cash
Central banks must understand how cash is used, as well as how much cash is used, if they are to successfully forecast future demand for banknotes, the Bank of England’s (BoE) chief cashier said today (October 5).
Speaking in Vienna, Victoria Cleland acknowledged there were a number of alternatives to cash and, in time, “people will probably move to them”. But the rate of change is “uncertain”.
“A rise in local recycling, where retailers replenish note-dispensing machines using notes that have
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