News in Brief

Cash as National Critical Infrastructure

OMFIF, an independent think tank for central banking, economic policy and public investment, has argued that cash plays a systemic role that no digital payment instrument, no matter how sophisticated, can replicate ¹.

Cash is the last line of defence. Its continued availability and usability should be viewed as a central pillar of economic resilience. The article calls for strategic cash policies that formally recognise that cash is not simply a legacy payment method, but a component of national critical infrastructure.

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UK Bank Changes Direction on Branches

Since 2019 Barclays Bank in the UK has closed almost 80% of its branches leaving it with just 206 locations. The bank has decided to open new branches, enlarge some existing sites and reintroduce the ‘bank manager’ job title. The CEO has said, ‘the combination of great digital and great human touch is the future of banking’.