The massive fiscal and monetary policy stimulus adopted by advanced and large capital-surplus economies must not create the impression that these approaches are also available for emerging market economies. We must remain conscious about our policy constraints and our susceptibility to external and idiosyncratic shocks. 4.
Together, this evidence suggests that cash continues to have a significant role – not just for small-value transactions, but also both as a store of value and for precautionary use when other means of payment are not available.