Royal Canadian Mint produced fewer coins during the pandemic, but Canadians held onto their bank notes, especially larger denominations
Bank of Canada spokesperson Raewyn Passmore said Canadians still use and appreciate physical currency and they don’t see a big shift away from cash coming anytime soon.
The Bank of Canada believes people were holding onto their money in 2020. The amount of money out in circulation was $83 billion before the pandemic, but that swelled to over $100 billion by the end of 2020.Article contentMany retailers encouraged credit or debit payments or even stopped accepting cash during the pandemic.
Surveys the Bank of Canada did in November of 2020 showed cash was being used for about 22 per cent of purchases, a number that has been stable for years, but it was used for 40 per cent of purchases under $15. Lemay said they expect the final figures for 2021 to be similar, because many businesses were in lockdown for significant parts of the year and moved to online payments.
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