Currency in circulation (CIC) rose by 6% across Oceania from 2011 to 2016 (G4S, 2018)
Mar 9, 2020
According to the World Cash Report, currency in circulation (CIC) rose by 6% across Oceania from 2011 to 2016. CIC measures the total amount of cash held by the public, including businesses, banks and consumers.
Excerpt from report
"Cash continues to play an important role in economies throughout Oceania. However, in recent years, consumers have increasingly started using electronic payment methods over cash for their transactions. Still, the overall demand for cash in Oceania remains strong. There is ongoing demand for cash, for both transactional and non-transactional purposes, particularly as a store of wealth.
Currency in circulation has increased steadily across Oceania in recent years, both in Australia and New Zealand, with an average year-on-year growth in value of 6% in Australia and 7% in New Zealand. When looking at the denominational breakdown, it is clear that this growth can largely be attributed to the larger denominations, e.g. the 50 and 100 (Australian and New Zealand) Dollar notes in both countries underlining the use of cash more as store of wealth than to be used for transactional purposes." (G4S 2018, p. 104)
