| Speeches | RBA  This increase has been observed in a range of countries and is consistent with the low level of interest rates, which has reduced the opportunity cost of holding money (compared with holding interest-bearing deposits).
When customers withdraw currency from an ATM or a bank branch, the value of their deposit holdings declines and the value of their currency holdings increases. The stock of broad money, however, is unchanged. As I mentioned earlier, the vast bulk of broad money consists of bank deposits.