High Demand For Currency Resulting From The Covid-19 Global Pandemic.

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PacoMartin Valued Member United States 411 Posts	Posted 08/02/2020 03:27 am Quote: Revised 2020 Currency Print Order On April 16, 2020, the Board approved a revision to its FY 2020 order from 5.2 billion to 6.2 billion notes, or a 19.7 percent increase. The total value of the revised order is $185.7 billion. The increased order reflects action taken to address the high demand for currency resulting from the COVID-19 global pandemic. By denomination 15.0% $1 -7.0% $5 0.0% $10 36.1% $20 208.3% $50 - the original order was exceptionally small 20.8% $100 19.7% Total This topic does not come up very often as a lot of people think that COVID-19 decreased the demand for currency. Report this Post to the Staff

John1 Moderator United States 56855 Posts	Posted 08/02/2020 04:53 am A little off subject,but I would like to read up on safety in regards to using currency and coins when it comes to catching a virus from using it. Someone with a good background in the subject,doctor or scientist. John1 Report this Post to the Staff
redlock Pillar of the Community Germany 992 Posts	Posted 08/02/2020 08:35 am Quote: I would like to read up on safety in regards to using currency and coins when it comes to catching a virus from using it. Someone with a good background in the subject,doctor or scientist. Well, not the experts you are looking for. But Sweden's Riksbank, the ECB and the Bundesbank (that's the ones I read) issued statements that catching the SARS-CoV-2 virus from banknotes and coins is highly unlikely. It's a resperatory virus. You'll most likely catch it from someone who thinks wearing a mask is infringing on his personal freedom and thus doesn't wear one. Well, people are hoarding cash (if they can afford to do it) during the pandemic. For example, Brazil will print and issue a 200 Real note because there is a need. In March and April (reflected in the figures for April and May) the ECB even released series-1 (=old series) €200 banknotes into circulation although the ECB tries to withdraw series-1 banknotes from circulation. Edited by redlock 08/02/2020 08:35 am Report this Post to the Staff
oriole Pillar of the Community Canada 5239 Posts	Posted 08/02/2020 08:53 am I find the increased demand for cash contrary to my experience. Some businesses are refusing cash-and most people, including me, are simply using tap and pay. I only use cash at my LCS. Report this Post to the Staff
PacoMartin Valued Member United States 411 Posts	Posted 08/03/2020 04:24 am The decision to release old series '1' €200 banknotes in April and May could possibly be unrelated to COVID-19. A lot of people are trying to turn in old €500 banknotes and presumably many of them wish to keep their money in cash Month Series '1' Series '2' Apr 2019 269,440,447 ------------ Dec 2019 259,859,053 dwn 152,841,547 May 2020 265,416,542 up 285,110,420 Part of the reason I use so many statistics is that I have noticed that most people who use their intuition, base their conclusions on their real life experience, or copy a lot of tropes from forums are dead wrong. Edited by PacoMartin 08/03/2020 04:26 am Report this Post to the Staff
PacoMartin Valued Member United States 411 Posts	Posted 11/10/2020 7:34 pm The G20 controls 80% of world trade and has 17 currencies. The table below ranks these currencies (1) at the end of 2019 the change since 2018 of the amount of cash per person in percentage, (2) the amount (per person) of banknote and coins converted to USD followed by (3) the value of the largest banknote in USD. 15.2% $1,162 Russia $80.29 10.8% $256 India $28.02 8.7% $213 Indonesia $7.20 7.2% $729 Mexico $26.47 6.6% $2,051 Canada $76.98 5.2% $2,107 Korea $43.33 4.6% $5,491 United States $100.00 3.7% $8,594 Japan $92.13 3.0% $850 China $14.37 2.7% $4,343 Euro area $224.72 1.6% $316 Turkey $33.61 1.5% $332 Brazil $24.94 1.3% $2,435 Australia $70.22 1.2% $1,703 Saudi Arabia $133.33 0.5% $206 South Africa $14.24 -5.2% $1,417 United Kingdom $66.05 -16.4% $429 Argentina $16.70 The Euro-Area had a 500 Euro banknote in first series, and Mexico has limited circulation of a banknote worth twice as much. 6.9% $6,817 Singapore 6.8% $9,048 Hong Kong SAR 3.8% $10,581 Switzerland -2.6% $664 Sweden Most countries have increased the amount of currency in circulation from 2018 to 2019. I suspect that the amount of cash in circulation will have gone up from 2019 to 2020. The idea that cash is vanishing due to COVID is a myth Edited by PacoMartin 11/10/2020 7:37 pm Report this Post to the Staff
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