Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/246190 
Year of Publication: 
2021
Series/Report no.: 
ECB Occasional Paper No. 259
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
In the light of fears that the SARS-CoV-2 virus might be transmitted via cash - fears that were stoked by statements in the media and from public authorities - this paper aims to address the following issues: (1) to provide a descriptive account of the change in the circulation of euro banknotes and the use of cash in transactions during the pandemic; and (2) to assess the survivability of the virus on cash and the potential transmission risks. The pandemic has caused a significant increase in demand for cash as a store of value but a decrease in the use of cash in transactions. Although citizens reported using cash less in transactions partly out of fear of infection, research confirms that the risk of the virus being transmitted by banknotes and coins is very low. This supports the findings from the scientific community concluding that SARS-CoV-2 mainly spreads via respiratory fluids and airborne transmission, and that surfaces play a very minor role.
Subjects: 
COVID-19 pandemic
SARS-CoV-2 virus
survivability
transferability,safety
banknotes
coins
cash demand
cash use
JEL: 
I10
I12
E41
E58
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-4564-6
Document Type: 
Research Report

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