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The Reserve Bank says in the lead-up to the level 4 lockdown some $800 mln of extra cash was pumped into circulation
So, it looks like there really WAS some serious hoarding of cash going on in the immediate run-up to the level 4 lockdown in March. The Reserve Bank's revealedin its Financial Stability Report issued on Wednesday that currency in circulation rose by around $800 million over the month of March alone. That actually works out at about $160 for every man, woman and child in the country. The RBNZ says in the FSR that there "was a significant increase in demand for cash from banks, retailers and the public in the days leading up to the country’s move to Alert Level 4". "As an essential service, ATMs and other retail ... (full story)