In troubled times, people have been known to hoard currency at home — a financial security blanket against deep uncertainty. But in this crisis, things are different.
In the midst of the coronavirus era, a thousand calculations are made before cash is handled — mostly with gloved hands. Some leave the money laid out on surfaces for days, for the virus to die. Others disinfect banknotes with spray. Some even microwave them in the belief it kills the virus. In China, banks are now required to sterilize cash with ultraviolet light or heat, then store notes for at least a week before they are given to customers.
“Cash ist Fesch” is a common saying in Austria and southern Germany. The phrase, which literally means cash is beautiful, reflects both countries’ attachment to cash — and not just among the older generation or those who worry about the loss of privacy that comes with cashless payments, but also among some younger people who see it as a status symbol.
Japan, for its sophisticated reputation, is also a solid believer in cash, which makes up for 53% of a household’s assets, according to the Bank of Japan. The belief in “cash is king” reigns, though the country has had zero interest rates for two decades, far longer than the rest of the developed world.
In Lebanon, as the economic situation deteriorated late last year and the fear of banks collapsing mounted, many people began saving cash in their homes. The sale of home safes surged. An estimated $3 billion was withdrawn and stashed at home, according to the governor of the country’s Central Bank. “I wear gloves. But honestly? Corona is the last thing on people’s minds right now,” Ihsan said. “All they’re thinking about is how to handle this crisis and get money to live.”like Visa or Mastercard, because of U.S. sanctions. Many were surprised at the new banners that appeared at some gas stations in Tehran: “Service is only for those who will pay by debit cards.”
Cash still rules in West and Central Africa even with the growth in regional banking options and mobile money service providers. Monthly banking account fees are prohibitive for many, and the self-employed often keep their savings at home in hard currency. ATM machines often don’t work.
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