____________ 14  Bank for International Settlement BIS Innovation Hub work on central bank digital currency (CBDC)  11  Although cash is used less in percentage terms (from 30% in 2007 for households payments to 13% in 2019), the amount of cash in the hands of the public has been growing at an average of 3.7% per year since 1995.15 Graph 2: Cash in the hands of the public  Cash in the hands of the public, 2017 prices, $ per person 1995 to 2021 1,400  $ per person  1,200 1,000 800 600 400 200 0 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 avg $ per person, 2017 prices  We know that New Zealanders consider cash to be important and they support its ongoing availability.
We at Te Pūtea Matua are committed to ensuring cash remains available for as long as people need it. However, our earlier work has identified some challenges facing the cash system. An innovative approach is needed to support a more efficient and resilient cash system.