The impact of recent shocks on banknote circulation in France

Les effets des chocs récents sur la circulation de billets en France

Raymond De Pastor, Victor Frangin, Etienne Gruner and Rémi Odry Habab

Eco Notepad from Banque de France

Abstract: Despite rapid growth in digital payments, demand for banknotes remains strong in France and Europe. It is being driven by three factors: transactional use, which is declining, precautionary holdings and demand from outside the euro area. Recent shocks may have altered the respective contributions of these factors to total demand. Examining the velocity of circulation of individual banknote denominations provides insights into these effects.

Malgré l’essor des paiements numériques, la demande de billets reste élevée en France et en Europe. Elle repose sur trois facteurs : l’usage transactionnel, en recul, les motifs de précaution et la demande provenant de l’étranger. Les chocs récents ont pu modifier leur part respective dans la demande globale. L’analyse des vitesses de circulation par dénomination permet d’en éclairer les effets.

Date: 2026-09-03
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:econot:459

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