Since then it has seen 1.24 in  BIS central bankers’ speeches  1  Nov 08, 1.51 in Nov 09, 1.19 in June 10, 1.48 in May 11 and the recent low of 1.2036 in July this year.
Indeed, as the Bank has noted previously, banknotes on issue have for a long period grown broadly in line with the nominal growth in the overall economy. And the consumer use survey suggests the amount of cash in respondents’ wallets grew between 2010 and 2013.