News in Brief

Disappearing Bank Branches

Over the last five years the UK has closed a higher percentage of branches (34%) than almost all European countries, less than Spain (37%) and the Netherlands (48%).

The UK’s Financial Conduct Authority has introduced rules requiring banks and building societies to assess if local communities lack access to cash services, like branches and ATMs, and take action if there are significant gaps.

UK banks have agreed to set up 350 banking hubs, run by the Post Office, where customers can carry out cash transactions.

Cash In Circulation Growth Slows in Morocco

Morocco’s General Directorate of Taxes introduced a temporary tax amnesty programme for 2024 in order to formalise the economy and reduce reliance on cash transactions. In addition to generating MAD 127 billion ($12.7 billion) in declared assets, with direct revenue of MAD 6 billion ($600 million) for the state treasury, the programme helped reduce the growth rate of banknotes and coins in circulation to 8% in 2024, down from 11% in 2023.