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Explaining Unusual Cash Patterns in 2018

Walter Engert, Ben Fung, Jozsef Molnar () and Gradon Nicholls

No 2019-22, Staff Analytical Notes from Bank of Canada

Abstract: There was an unusually large decline of bank notes in circulation in October 2018. Some have argued that this was due to the legalization of cannabis in Canada in mid-October. We consider whether that explanation is consistent with the evidence and conclude that the unusual cash patterns observed in 2018 are more likely the result of an operational event specific to Toronto. Nevertheless, it would be useful to continue monitoring developments in cannabis consumption and its impact on the demand for cash.

Keywords: Bank notes; Digital Currencies and Fintech; Financial services (search for similar items in EconPapers)
JEL-codes: E41 E42 E58 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2019-07
New Economics Papers: this item is included in nep-mac and nep-pay
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