I am pleased to give you an assessment of current developments with regard to cash. Since June, after many years of strong growth, we have seen a significant decline in banknote circulation. To contextualise this decline of approximately 10%, let me first say a few words about the above-average growth in recent years.
In the period since the 2008 financial crisis, the value of banknotes in circulation grew, on average, more than twice as fast as in the two preceding decades – by around 6% instead of 2.5% per year (cf. chart 1). Between mid-2008 and June 2022, the value of banknotes in circulation more than doubled overall, from around CHF 41 billion to CHF 91 billion. This sharp increase was driven in particular by the desire of companies and private individuals

Read More »