From a peak in the second half of 2000, Sources: Federal Reserve Bank of New York; RBA they have come down by 5½ percentage points, while we have come down in net terms by 1½ percentage points.
Settling payments in accounts at the central bank still provides the link with the latter’s two main tasks, namely monetary policy and financial stability. In sum, a national payment system is a vital mechanism for ensuring a country’s economic development, since almost all transactions involve some kind of payment and maintain confidence in the domestic currency both in normal times and during crisis times.