RBNZ Cash Consultation Sparks Widespread Public Interest

The Reserve Bank of New Zealand (RBNZ) has received almost 6,000 responses to its recent consultation on cash and digital payments. This significant engagement is a testament to the importance of this issue for New Zealanders.

The RBNZ's consultation was aimed at gathering public views on the future of cash in New Zealand. The bank sought feedback on whether it should continue to provide cash to banks, how to improve access to digital payments, and what role cash would play in a predominantly digital economy.

The high number of responses indicates that many people are concerned about the decline of cash and its potential impact on vulnerable communities. Some experts have warned that a cashless society could exacerbate financial exclusion and increase costs for low-income households.