We are acutely conscious that history may offer limited  2  BIS central bankers’ speeches  guidance in assessing the net impact of the disparate and very powerful forces that are at work. Nonetheless, that is the assessment we must try to make.
This leaves 97% of banknotes in circulation for foreign demand, use as a domestic store of value by households or overall domestic transactions demand. 3 Cash as a means of payment Ladies and gentlemen, That leads us directly to the second main function of cash, which is making payments. Cash is unique in that it is the only means of payment which is non-electronic.