RBNZ outlines options for cash system reform
The Reserve Bank of New Zealand is seeking feedback on issues facing the cash system and options to keep Aotearoa’s cash system fit for purpose.
Wednesday, December 1st 2021, 11:50AM
Options include consolidating public and private cash sector functions into one or more public utilities, banks paying merchants that provide cash-out services on their behalf, requiring some merchants and government agencies to accept cash, and requiring banks to provide cash services.
The issues paper Future of Money – Cash System Redesign reinforces the bank's commitment to keeping cash available for as long as it is needed.
The consultation sets out 16 possible policy responses that could help deliver a fit for purpose cash system and eight policies that could operate as a coherent ‘bundle’ to appropriately shape incentives and address the Reserve Bank's objectives.
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