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June 26, 2022
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We need cash, says the president of the NBP, Adam Glapiński –

– In crisis situations, cash plays a very important role in stabilizing the financial system, for many citizens it is an important element maintaining trust in the state and its institutions – NBP president Adam Glapiński said at the conference “Risk management and financial security”. Therefore, he maintains that Poland will not seek to liquidate cash.

Cash will stay with us

Glapiński also mentioned the advantages of cash.

It is not only about the natural increase in uncertainty in all kinds of extraordinary situations, but also about the risk of hacking attacks, which then increases significantly He said. He added that a very good example of how cash is needed is the beginning of the COVID-19 pandemic. Then the number of cyber attacks against financial institutions increased by over 200%. – In such situations, cash ensures the continuity of the state’s operation, becoming a kind of security for the financial system – He said.

At the same time, he emphasized that the NBP supported the development of non-cash payments. And this despite the fact that Poles are attached to cash.

However, cash is still the most common method of making payments in Poland, because, as the research conducted by NBP in 2020 shows, most Poles actively use banknotes and coins issued by the NBP – he spoke.

Glapiński noted that an epidemic was recorded at the time “Numerous cases of refusal to accept cash, even in offices when settling public and legal obligations”.

– Such cases also occur today. And they are actively fought by us and will be fought – added.

We learned that he had therefore asked President Andrzej Duda to submit a bill to the Sejm that would guarantee universal acceptance of cash.

After the analysis, this initiative met with the approval of the President and he referred the bill to the Sejm – he pointed out.

The value of cash in circulation is rising

Other officials of our central bank speak in a similar vein.

The past year has shown that Poles trust the Polish currency and do not give up cashshe said on Tuesday at a conference in Opole, Małgorzata Dobczyńska, deputy director of the NBP Treasury and Issue Department.

It is said that the value of paper money in circulation is rising.

– As every year, in 2019, the forecast of the order of monetary symbols was prepared. The increase in the value of cash was to amount to 8.1%. Meanwhile, this index was four times higher – said Dobczyńska.

According to NBP data during 2020, the value of notes and coin in circulation increased by PLN 53 billion.

In addition, many banknotes were damaged during the decontamination process.

– The number of banknotes that were damaged, for example, as a result of improper, amateur decontamination – said Dobczyńska. As she added, some decontaminated 100 zloty bills using… a microwave oven.

The words of the NBP president are in line with the answer that the NBP gave us when we asked about the issue of the digital zloty. You can read more about it on our portal here.

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