Insights into the future of cash: View of chief cashier of Bank of England…

Interesting speech by Victoria Cleland who is the chief cashier and director of notes at Bank of England. Chief cashier is such a traditional title which no one wants to be associated with these days. Interesting , BoE maintains the job title. After all they are one of the key players which has shaped the monetary world where cash has played a key role.

She is optimistic that cash will continue to remain in the system despite technology developments. Its share has declined but still remains important:

While reliance on cash is less significant than in the past, it is still crucial to everyday life and I encourage the cash industry to continue to innovate, to evolve, and to keep cash relevant and fit for purpose. To quote Jane Austen, or more precisely Mr. Knightley in her novel ‘Emma’, “Surprises are foolish things. The pleasure is not enhanced, and inconvenience is often considerable”. Understanding the drivers in demand for cash will help us to avoid surprises.

Lots of data in the speech discussing role of cash..

Hmm..

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