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Cash in the time of Covid

Author

Listed:
  • Caswell, Ellen

    (Bank of England)

  • Hewkin Smith, Miranda

    (Bank of England)

  • Learmonth, David

    (Bank of England)

  • Pearce, Gareth

    (Bank of England)

Abstract

During the Covid pandemic the way people use cash has changed, with less being used for transactions. People are spending less cash, but the total value of banknotes in circulation has increased as people appear to choose to hold more cash. These trends have persisted for a number of years, but have been magnified by the pandemic. This article explores the impact of the Covid pandemic on cash usage.

Suggested Citation

  • Caswell, Ellen & Hewkin Smith, Miranda & Learmonth, David & Pearce, Gareth, 2020. "Cash in the time of Covid," Bank of England Quarterly Bulletin, Bank of England, vol. 60(4), pages 2-2.
    • Handle: RePEc:boe:qbullt:0256
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    File URL: https://www.bankofengland.co.uk/quarterly-bulletin/2020/2020-q4/cash-in-the-time-of-covid
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    Citations

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    Cited by:

    1. Agnieszka Huterska & Anna Iwona Piotrowska & Joanna Szalacha-Jarmużek, 2021. "Fear of the COVID-19 Pandemic and Social Distancing as Factors Determining the Change in Consumer Payment Behavior at Retail and Service Outlets," Energies, MDPI, vol. 14(14), pages 1-18, July.
    2. Javier Pereda Cachay, 2023. "Impacto de la pandemia de COVID-19 sobre la demanda de efectivo en el Perú," Revista de Análisis Económico y Financiero, Universidad de San Martín de Porres, vol. 6(02), pages 45-50.
    3. Dominik Höpperger & Codruta Rusu, 2022. "Payment behavior in Austria during the COVID-19 pandemic," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/21, pages 85-104.
    4. Ashworth, Jonathan & Goodhart, C. A. E., 2021. "The great Covid cash surge - digitalisation hasn't dented cash's safe haven role," LSE Research Online Documents on Economics 112432, London School of Economics and Political Science, LSE Library.
    5. Emilio Espino & Julian Kozlowski & Fernando M. Martin & Juan M. Sanchez, 2022. "Policy Rules and Large Crises in Emerging Markets," Working Papers 2022-018, Federal Reserve Bank of St. Louis, revised 27 Jun 2024.
    6. Kotkowski, Radoslaw, 2023. "National culture and the demand for physical money during the first year of the COVID-19 pandemic," Finance Research Letters, Elsevier, vol. 51(C).
    7. Jonker, Nicole & van der Cruijsen, Carin & Bijlsma, Michiel & Bolt, Wilko, 2022. "Pandemic payment patterns," Journal of Banking & Finance, Elsevier, vol. 143(C).
    8. Rösl, Gerhard & Seitz, Franz, 2021. "Cash and crises: No surprises by the virus," IMFS Working Paper Series 150, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    9. Anna Iwańczuk-Kaliska & Mirosława Kaczmarek & Grzegorz Kotliński, 2023. "Non-cash retail payments in selected banks during the COVID-19 pandemic – the case of Poland," Bank i Kredyt, Narodowy Bank Polski, vol. 54(3), pages 309-334.
    10. Jeremy Srouji & Dominique Torre, 2022. "The Global Pandemic, Laboratory of the Cashless Economy?," IJFS, MDPI, vol. 10(4), pages 1-13, November.
    11. Brian Micallef & Tiziana Gauci, "undated". "Excess demand for banknotes in Malta," CBM Policy Papers PP/02/2022, Central Bank of Malta.
    12. Yulia Titova & Delia Cornea & Sébastien Lemeunier, 2021. "What Factors Keep Cash Alive in the European Union?," De Economist, Springer, vol. 169(3), pages 291-317, August.
    13. Tim Congdon, 2023. "If ‘money matters’, what about the monetary base?," Economic Affairs, Wiley Blackwell, vol. 43(2), pages 185-200, June.
    14. Dmitry V. Boguslavsky & Natalia P. Sharova & Konstantin S. Sharov, 2021. "Cryptocurrency as Epidemiologically Safe Means of Transactions: Diminishing Risk of SARS-CoV-2 Spread," Mathematics, MDPI, vol. 9(24), pages 1-19, December.

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