Cash won't be going the way of the dinosaur anytime soon, according to a new study by the ATM Industry Association.
Using data from annual reports and financial statements of central banks in 30 advanced and developing countries, the study found an average 8.9% year-over-year growth in currency in circulation from 2009 to 2013. Currency circulation grew 7.5% in the United States during that period, according to the study. Brazil, Russia, India, China and South Africa all posted currency growth rates over 10%. Currency circulation grew 6% in the United Kingdom.
"The takeaway numbers from the study are 8.9% global growth in cash in circulation, compared to 4.5% in the Eurosystem and 11% in the BRICS nations, which have 40% of the world's population and produce 20% of gross world product," ATMIA CEO Mike Lee said. "These results for cash demand are truly astonishing in our times of sluggish economic growth."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
