Central Banks and Cash Round-Up

This month, we look at the cash and payments information provided in the annual reports of five central banks – those of Bulgaria, Japan, Nigeria, North Macedonia, and the Philippines.

■ Bangko Sentral ng Pilipinas (BSP)

Cash in circulation: this reached PHP 2.9 trillion in 2025, representing annual growth of 6.4%, compared with 11.3% in 2024.

Banknote withdrawals increased by 6.2% in value, while volume grew by 12.9%.

Demand was particularly strong for lower denominations, with withdrawals of 100 piso and 50 piso banknotes increasing by 25.3% and 44.3%, respectively.

Banknote deposits also increased, rising by 16.2% in value and 12.1% in volume.

Polymer banknotes continued to demonstrate their durability advantages over their paper predecessors. Fit banknote deposits increased by 32.3% in 2025, compared with growth of 4.6% in the previous year. The increase was largely driven by a 35.2% rise in deposits of fit 1,000 piso banknotes, with polymer notes accounting for 46.4% of the total.