We can all observe around us the growth of the ATM industry, but it is worth considering how influential it has been on the circulation of banknotes. First, the rise of the ATM has fundamentally changed and modernised the distribution of what is sometimes regarded as an old-fashioned means of payment. Second, it is likely that the growth of ATMs may have led to an increase in notes in circulation for another reason. BIS Review 162/2009  5  When we talk to ATM operators about their business model they stress that the least acceptable outcome is for their ATMs to run out of notes. As a consequence, ATMs are restocked well before they run out. This means that the overall ATM estate is holding what could be described as idle inventory stock, but these are defined as notes in circulation. But I should be clear that I don’t have enough evidence to prove to you that the stock:output ratio for banknotes has gone up, which would run counter to the story in almost all other industries. I want to move on now to trends in cash usage (I am using “cash” here to mean banknotes and coin). Chart 8 shows survey evidence for the use of cash in retail transactions in the UK over the last 25 years. In terms of the share of the total volume of transactions, cash has fallen from over 80% in the mid 1980s to 60% currently.
Goh Chok Tong: Staying ahead of the Asian curve Speech by Mr Goh Chok Tong, Senior Minister of the Republic of Singapore and Chairman of the Monetary Authority of Singapore, at Barclays Asia Forum, Singapore, 1 November 2007. *  *  *  I extend a warm welcome to all of you, especially to those who have not come to Singapore in recent years. I would also like to thank Barclays for organising this Asia Forum as well as this weekend’s Singapore Open. I hope the Singapore Open will grow in prestige as you expand your presence in Singapore and Asia. Singapore’s economic growth rates in the past few years have surprised many, including ourselves. We did not expect to be able to consistently achieve growth rates of above 6% per annum as we are a mature economy. Yes, we have remade our economy but the good growth was also due to the buoyant world economy and a surging Asia. Singapore’s future growth will depend not only on our own efforts but also on our ability to anticipate trends in our external environment and stay ahead of the curve. This morning, I would like to share with you how we see developments in Asia and the challenges before us. Political outlook Let me start with the political outlook. I believe that Asia will remain stable and the regional environment conducive to growth. Post-9/11, the world had to adjust to new insecurities posed by terrorism.