Currently, there is around $ billion of currency in circulation in Australia (outside of the banking system). However, despite its usefulness, currency represents only a small share of money in modern economies. Most money consists of deposits in banks, building societies and credit unions (simply referred to here as banks).
I believe that the way to increase transparency should be judged based on the unique situation of each country. For example, in the United States, interest rates have been cut substantially in a short period of time this year but the CPI inflation rate changed little during the course staying at around three percent.