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Indians Continue To Hold More Cash Even As Economy Reopens
Currency in circulation growth remains elevated. Precautionary holdings along with lower velocity of cash may be responsible.
17 Sep 2020, 09:39 PM IST
As the Covid-19 pandemic hit Indian shores in March, Indians, stuck at home, unable to spend and transact, held on to more cash as a precaution. This was the case not just in India but across a number of countries where precautionary savings rose.In India, growth in currency in circulation, which was at about 12% until mid-March, accelerated quickly. It has continued rising even as the economy reopened and physical and business activ...
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