top of page

Central Bank Survey 2023

Between May and July 2023, Banknote Industry News conducted a survey amongst 146 Central Banks worldwide; 37 Central Banks provided answers & insights. Please find below the key results of the survey. A comprehensive presentation will be shared at the upcoming Mint & Print Conference in Dubai / October 2023.

Participating Central Banks have the following banknote substrates in circulation (at the time of responses):

65%: Cotton substrate in circulation

22%: Mixed banknote substrates in circulation

8%: Polymer substrate in circulation

5%: Composite substrate 

1. How much did the Banknotes in Circulation (VOLUME) change for the year 2022 vs. 2021 in %?

  • +4.5% on a global perspective 

  • (10 countries had even a growth of banknotes in circulation by above 8%)

For the year 2023 a (slight) decrease in the growth of banknotes in circulation can be observed (levels off between 3-4%)

2. Is hoarding of CASH (still) a driver within your country?

  • It appears that it is still a factor in most of the countries

  • In total 59% of all Central Banks confirmed that this is a key driver; 27% neglect it

3. How has CASH PAYMENT changed in 2022 vs 2021 in %, compared to Card or digital payment within your country?

  • Many countries indicated a two digit growth for digital payment in 2022 vs 2021.

  • But overall it can be noticed an ongoing cash payment growth rate by 2% (four countries reported even a growth by 8%)

4. Do you consider changing the substrate for the banknotes in circulation in the near future?

  • 92% of the participating Central Banks in the survey indicated that they are doing well with the current banknote substrate in circulation !

  • ... only 8% confirmed that a change of substrate is being planned towards

    • a) polymer substrate 

    • b) composite substrate

5. Are you shredding the banknotes central or decentral? Online or Offline?

  • 78% Central and 22% Decentral 

  • Online vs Offline - Central Banks reported as:

    • 54% online + offline 

    • 27% online

    • 19% offline

6. Are you planning to change the shredding process to decentral or centralized?

  • 5% responded that they are planning to have a change in the set-up

  • 95% No change is being planned in the set up of the shredding process regarding central / decentral

7a. ... but is a more sustainable shredding approach being planned?

  • 27% of all participating Central Banks said YES

  • 73% are not yet planning to change it currently

7b ... have you heard about the GREEN LINE Shredding concept by Hunkeler Systeme?

  • 35% Yes

  • 65% No

8. On which topics should the banknote industry working on?

  • #1 Sustainability & Recycling of banknote wastage: 35% of all Central Banks mentioned this is as a priority topic

  • #2a Features of banknotes: 22%

  • #2b Durability of banknotes in circulation: 22%

  • #3 Cash Management Cycle - Automation of Cash Operations

9. Primary Media Source of Information for Central Banks worldwide?

  • 35% of responding Central Banks within the survey stated that they have ONLY Banknote Industry News as its primary source of information

  • 65% of all responding Central Banks stated that they have both a) Banknote Industry News & b) Currency News as a source of information

  • This underpins that Banknote Industry News is the most distributed media source of information on a global perspective!

bottom of page