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.
3 3 Inflation is projected to moderate to 2.8 per cent in 2023 and 2.1 per cent in 2024. 4 4 Lydon, R., 2022. Household characteristics, Irish inflation and the cost of living. Central Bank of Ireland,  Economic Letter, Vol. 2022, No.1. 5 5 ECB Monetary Policy Statement, 14 April 2022. 6 6 Boyd, Byrne, Keenan and McIndoe-Calder (forthcoming).