Central Banks and Cash Round-Up

For June, our summary of newly-published central bank annual and other reports takes a look at Canada, Chile, Costa Rica, and India.

Bank of Canada (BOC)

As part of its broader currency mandate – one of the BOC’s five core responsibilities – the institution focused on enhancing the security of existing notes, preparing for the next generation of designs, and researching future payment trends.

As of 31 December 2024, over 3 billion notes were in circulation, with public trust remaining high. Banknotes in circulation by value increased by 2% during the year to just under $121.3 billion (versus $119.4 billion at the end of 2023).

Counterfeiting: Canada maintained a very low counterfeiting rate in 2024, just 9 parts per million (ppm), well below the Bank’s threshold of 30 ppm. This success reflects ongoing public education and close collaboration with law enforcement partners, including the Royal Canadian Mounted Police and the Canada Border Services Agency.