The Future of Cash – Te Moni Anamata

Our continuing programme Te Moni Anamata has widened its focus from the Future of Cash to the Future of Money. This page links to our work leading up to the release of the Future of Money issues papers in September 2021, including previous consultations held in 2019 on the Future of Cash Use and the Future of the Cash System.

Cash is being used less as a means of payment, and access to cash is declining. However, cash provides important benefits to many people, including legal tender money, social and financial inclusion, peer-to-peer payments, backup payments, privacy and autonomy. This section outlines policy and engagement work up until 2021 which confirmed these benefits, along with supporting data and research on cash use.

The Reserve Bank’s current priority is to work with the banking and service industries to ensure that the cash system continues to be fit for purpose. Initiatives include reshaping vaulting arrangements, banknote standards, and building towards a sustainable future. We encourage every banking sector participant to consider their role in supporting the needs of their customers, including those who depend on cash for their everyday needs. Ultimately, a more transformational solution might be needed. This section describes this work and progress up until 2021.

The Money and Cash Department – Tari Moni Whai Take – was established in mid-2020 to lead the Reserve Bank’s stewardship mandate for money and cash and the broader currency system. A new governor-level Payments and Currencies Committee provides strategic oversight to this work.