At the end of 2019, currency in circulation was NIS 87.2 billion, an increase of about 2 percent compared with the previous year—less than the average increase for the last three years (5 percent) and also lower than the average for the last ten years (8 percent).The change is evident from 2016 when we can see the increase in circulation moderating.

During the COVID-19 crisis, currency in circulation increased considerably by 15.7 percent over the six months from March through August 2020. The crisis underscored the importance of cash as a critical national means of payment, enhancing the feeling of security of Israel’s citizens.

Now, more than in the past, the use of cash and other means of payment is influenced by changes in technology and regulation. In view of these changes, the Currency Department is preparing for a variety of future scenarios and their possible impact on the demand for and use of cash.

Within the framework of its functions, the Bank operates to encourage the use of advanced means of payment while at the same time continuing to preserve cash as an essential means of payment in the State of Israel.